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ECONOMY

Is the US making $2bn from tariffs

President Trump's claims about US-China trade and tariffs are being fact-checked. He asserted a $1 trillion trade deficit with China, which is significantly higher than the actual figure of $295 billion in 2024. His claim of Canada imposing a 270% tariff on US dairy products is partially true; high tariffs apply only after quota limits are exceeded. The US exported $1.14 billion in dairy to Canada in 2024, but hasn't reached those limits. Trump also exaggerated EU car imports from the US.

Prepared by Christopher Adams and reviewed by editorial team.

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