Growing imbalances in largest economies underscore need for concerted adjustment in domestic macroeconomic policies

President Donald Trump's confused messaging depresses business and consumer confidence, slows growth and imposes recession risks.

The current deglobalization policy of the Trump administration in the form of tariffs, as well as its disregard for multilateral rules, will only lead to a slowdown in American economic growth. It will undercut the country’s technology advantages and hurt American families.

In June 2025, the most recent monthly data available, the federal government took in $27bn in tariffs, according to the Treasury Department. A year earlier, that figure was $6bn. That’s an increase of $21bn a month because of Trump’s trade policies.

Two projections show that the Trump administration's tariff revenues would not cover the next 10 years of projected deficits

With his two dozen letters to U.S. trading partners last week, President Donald Trump promised elevated tariffs on Aug. 1 largely to tackle an issue he’s raised for decades — trade deficits.