You're probably here because of the Feb 2026 rerun. This is the 10th time since 2017 this story has run. The previous rerun was Jan 2026.
Rerun #10
Feb 2026 Trump's State of the Union claim that foreign countries pay the tariffs
In his Feb 24, 2026 State of the Union, President Trump said he believed "the tariffs, paid for by foreign countries," would "substantially replace the modern-day system of income tax." This is per NPR's transcript. Twelve days earlier, New York Fed researchers estimated that "nearly 90 percent of the tariffs' economic burden fell on U.S. firms and consumers." That share was 94% for January–August 2025 and 86% in November, as foreign exporters absorbed somewhat more. Responding to the paper, National Economic Council director Kevin Hassett told CNBC, "I mean, the paper is an embarrassment," CBS News reported. CBS News's fact-check rated Trump's speech claim "Misleading." On Feb 20, four days before the speech, the Supreme Court ruled 6-3 that Trump's use of an emergency powers law (IEEPA) to impose sweeping tariffs "was not valid," PBS NewsHour reported. The Penn Wharton Budget Model projected that the ruling would generate "up to $175 billion in refunds." CBS had cited a Wharton estimate of "as much as $168 billion" two days before the ruling.
- NPR
statement
And as time goes by, I believe the tariffs, paid for by foreign countries, will, like in the past, substantially replace the modern-day system of income tax, taking a great financial burden off the people that I love.
- libertystreeteconomics.newyorkfed.org
article
We find that nearly 90 percent of the tariffs' economic burden fell on U.S. firms and consumers.
- cbsnews.com
article
I mean, the paper is an embarrassment,
- c-span.org
video
Watch
Sources:
cbsnews.com reliable · Public Broadcasting Service reliable · cbsnews.com reliable · budgetmodel.wharton.upenn.edu needs a second source
Rerun #9
Jan 2026 The Kiel Institute study
On Jan. 19, 2026, the Kiel Institute for the World Economy, a German research institute, published a policy brief titled "America's Own Goal: Who Pays the Tariffs?" by Julian Hinz, Aaron Lohmann, Hendrik Mahlkow and Anna Vorwig. It analyzed more than 25 million shipment records covering almost $4 trillion in US imports. It reported that foreign exporters absorbed about 4% of the tariff burden and that 96% passed through to US buyers. The institute's release presented this as "Contrary to US government rhetoric," and Hinz said, "The claim that foreign countries pay these tariffs is a myth." Coverage on Jan. 20 described the study against the administration's claim. Time wrote that Trump "promised foreign countries would pay the levies," and CFO Dive wrote that the report was "contradicting a Trump administration claim that foreigners rather than U.S. citizens shoulder the burden."
- kielinstitut.de
statement
The claim that foreign countries pay these tariffs is a myth. The data show the opposite: Americans are footing the bill.
- fortune.com
article
After nearly a year of promises that tariffs would boost the U.S. economy while other countries footed the bill, a new study shows almost all of the tariff burden is falling on American consumers.
- Time
article
Foreign exporters absorb only about 4% of the tariff burden—the remaining 96% is passed through to U.S. buyers
Sources:
kielinstitut.de needs a second source · fortune.com reliable · Time reliable · cfodive.com needs a second source
Rerun #8
Aug 2025 Trump vs. Goldman Sachs on who pays the tariffs
On Aug. 12, 2025, Trump wrote on Truth Social that it was mostly "companies and governments, many of them foreign, picking up the tabs" for tariffs. Reuters paired the post with a Goldman Sachs research note, though it said Trump did not specify which Goldman report he meant; Fortune described the post as a response to the note. Goldman's Aug. 10 note, led by chief economist Jan Hatzius, estimated that US consumers had absorbed 22% of tariff costs through June. It said that share would rise to 67% by October if later tariffs followed the pattern of the earliest ones. Over the same period, Fortune reported in an article syndicated on Yahoo Finance, the note estimated foreign suppliers' share rising from 14% to 25% and US businesses' share falling from 64% to 8%. On Aug. 13, Goldman economist David Mericle told CNBC, "We stand by the results of this study."
- bnnbloomberg.ca
article
In a post on Truth Social, Trump said it was mostly “companies and governments, many of them foreign, picking up the tabs.”
- fortune.com
article
“I think that David should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ, and not bother running a major Financial Institution,” Trump wrote on social media.
- Yahoo News
article
“We stand by the results of this study,” Goldman economist David Mericle told CNBC's Squawk on the Street the next day.
Sources:
bnnbloomberg.ca needs a second source · fortune.com reliable · Yahoo News reliable
Rerun #7
Apr 2025 Liberation Day
On April 2, 2025, while announcing global tariffs, President Trump said of China, "I took in hundreds of billions of dollars in my term—hundreds of billions. They never paid 10 cents to any other President, and yet they paid hundreds of billions," according to the transcript in the American Presidency Project. On April 6, aboard Air Force One, he told reporters, "I took in, during my 4 years, hundreds of billions of dollars from China," according to the American Presidency Project's transcript of that exchange. In a review published March 30, 2026, the Tax Foundation said tariffs are "legally paid by the importer," with the economic cost split among importers, downstream businesses, final consumers and foreign sellers.
- presidency.ucsb.edu
statement
If you look at China, I took in hundreds of billions of dollars in my term—hundreds of billions. They never paid 10 cents to any other President, and yet they paid hundreds of billions.
- presidency.ucsb.edu
statement
I took in, during my 4 years, hundreds of billions of dollars from China, and we also took in a lot of money from other countries—but, in particular, China, because it was just getting started.
Sources:
presidency.ucsb.edu reliable · presidency.ucsb.edu reliable · taxfoundation.org needs a second source
Rerun #6
Jan 2025 The "External Revenue Service" announcement and the inaugural address
On January 14, 2025, President-elect Trump posted on Truth Social that he would create the "EXTERNAL REVENUE SERVICE to collect our Tariffs, Duties, and all Revenue that come from Foreign sources." He added that trading partners "will start paying, FINALLY, their fair share" (CBS News). In his January 20 inaugural address he said "we will tariff and tax foreign countries to enrich our citizens." He also said the new service's revenue would be "coming from foreign sources" (White House transcript). CBS reported that U.S. Customs and Border Protection is "the primary collector and enforcer of tariffs." It also wrote that "experts say higher tariffs are typically passed on to the consumer." FactCheck.org said Trump's proposed tariffs "would be paid by U.S. importers — not foreign nations."
- truthsocial.com
social post
We will begin charging those that make money off of us with Trade, and they will start paying, FINALLY, their fair share.
- whitehouse.gov
statement
Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens.
- c-span.org
video
Watch
transcript
Instead of taxing our citizens to enrich foreign nations, we should be tariffing and taxing foreign nations to enrich our citizens.
Sources:
cbsnews.com reliable · whitehouse.gov reliable · factcheck.org reliable
Rerun #5
Aug 2024 – Sep 2024 "A tax on another country" on the campaign trail
At an August 2024 rally in Arizona, which CNN dated to "mid-August," Trump answered Kamala Harris's "Trump tax" label for his tariff plan by saying the tariffs have "nothing to do with taxes to us. That is a tax on another country." At a rally in Mosinee, Wisconsin, on Saturday, Sept. 7, 2024, he said: "It's not going to be a cost to you. It's going to be a cost to another country." CNN's Sept. 9 fact check said a tariff is paid by US businesses, not other countries. It also noted that a foreign company may choose to pay the tariff or lower its prices to stay competitive. FactCheck.org later said US importers pay tariffs as customs duties, which US Customs and Border Protection (CBP) collects at ports of entry.
- CNN
article
She makes up crap … I am going to put tariffs on other countries coming into our country, and that has nothing to do with taxes to us. That is a tax on another country,
- rev.com
statement
We’re going to be a tariff nation. It’s not going to be a cost to you. It’s going to be a cost to another country.
Sources:
CNN reliable · abc17news.com needs a second source · factcheck.org reliable · The Washington Post reliable · rev.com needs a second source
Rerun #4
Oct 2020 "China pays $28 billion" at the final presidential debate
At the October 22, 2020 debate, Trump said "I just gave $28 billion to our farmers." Biden replied that it was "taxpayers' money" that "didn't come from China." Trump answered: "You know who the taxpayer is? It's called China. China pays $28 billion." (all as transcribed by Fortune). Fortune reported that the $28 billion appears to refer to the subsidies the USDA gave farmers in 2018–2019 through its Market Facilitation Program. Fortune also reported that the tariffs are "paid by U.S. importers of Chinese goods, not by Chinese entities or China itself." CFR's Benn Steil and Benjamin Della Rocca wrote that "the tariffs are paid entirely by U.S. importers." They also found that farm payments had used up "over 92 percent" of the $66 billion in China tariff revenue. This fits the thread's "2020 claims that farm aid was 'paid for by China'" example.
- fortune.com
article
No, no. You know who the taxpayer is? It's called China. China pays $28 billion, and you know what they did to pay it, Joe? They devalued their currency, and they also paid up
- cfr.org
article
The president is therefore right when he says farmers "got" his tariff money. That money came not from China, however, but from taxes he imposed on Americans.
Sources:
fortune.com reliable · cfr.org needs a second source
Rerun #3
Aug 2019 New China tariffs and "China is paying" claims
On Aug 1, 2019 Trump announced tariffs on another $300 billion of Chinese imports, starting Sept 1 (Reuters via Al Jazeera; White House transcript). That day he told reporters "China eats it because they have to pay it." In Ohio, NBC reported, he said "China's paying for those tariffs." On Aug 18 he said "China is paying for the tariffs, for the one-hundredth time" (AP). Reuters wrote that US Customs and Border Protection (CBP) collects the tariffs from US importers, and that Chinese suppliers "do shoulder some of the cost... in indirect ways." AP cited a May 2019 New York Fed–Princeton–Columbia estimate of $831 per household per year. NBC cited a National Bureau of Economic Research (NBER) study that found the full cost of the 2018 tariffs was passed on to US consumers.
- globalsecurity.org
statement
And they're paying for these tariffs; we're not.
- NBC News
article
you’re not paying for those tariffs. China’s paying for those tariffs,
- spectrumnews1.com
article
And we're not paying for the tariffs; China is paying for the tariffs, for the one-hundredth time.
Sources:
NBC News reliable · PolitiFact reliable · Al Jazeera reliable · spectrumnews1.com needs a second source
Rerun #2
May 2019 "Paid for mostly by China," and Kudlow's response
In remarks at the White House on May 9, 2019, Trump said, "So our country can take in $120 billion a year in tariffs, paid for mostly by China, by the way, not by us," as quoted by PolitiFact. On May 10 he tweeted that "Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products. These massive payments go directly to the Treasury of the U.S." (Washington Post; CBS/AP; American Presidency Project). On May 12, White House economic adviser Larry Kudlow was asked about this claim on "Fox News Sunday." The Washington Post reported that "Pressed again by Wallace, Kudlow acknowledged that China does not actually 'pay' the tariffs." PolitiFact wrote that "Chinese exporters don't make the payment. The importers do — usually U.S. companies," and quoted Howard Gleckman of the Tax Policy Center, who concluded, "The Chinese government pays nothing." PolitiFact rated Trump's claim False.
- PolitiFact
article
So our country can take in $120 billion a year in tariffs, paid for mostly by China, by the way, not by us. A lot of people try and steer it in a different direction. It's really paid — ultimately, it's paid for by — largely, by China.
- presidency.ucsb.edu
statement
There is no reason for the U.S. Consumer to pay the Tariffs which take effect on China today. This has been proven recently when only 4 points were paid by the U.S. 21 points by China because China subsidizes product to such a large degree.
- The Washington Post
article
"Fair enough," Kudlow replied. "In fact, both sides will pay. Both sides will pay in these things."
Sources:
PolitiFact reliable · The Washington Post reliable · cbsnews.com reliable · presidency.ucsb.edu reliable
Rerun #1
Jan 2017 White House suggests a 20% tax on Mexican imports to pay for the wall
On January 26, 2017, White House Press Secretary Sean Spicer told reporters on Air Force One that a 20 percent tax on imports from Mexico, possibly as part of a broader tax reform plan, could "easily pay for the wall." The Dallas Morning News and The Hill report this came after President Trump again vowed to make Mexico pay for the wall and Mexican President Enrique Peña Nieto canceled a planned meeting. Hours later Spicer called it one option among many, adding that reporters had asked "There's no way that Mexico will pay for it" and saying "Here's one way." The National Retail Federation's David French called the idea "a flawed understanding of how tariffs work," and CNNMoney wrote that American companies, not Mexican ones, pay such a tariff.
- dallasnews.com
article
If you tax that $50 billion at 20 percent of imports... we can do $10 billion a year and easily pay for the wall just through that mechanism alone.
- The Hill
article
It's to show that there are ways that the wall could be paid for. Full stop. That's it.
- Public Broadcasting Service
article
a significant share of the tariff will be passed through into higher U.S. prices, thus actually resulting in U.S. consumers paying for the wall
- money.cnn.com
article
- factcheck.org
article
In the first month of Trump’s presidency, then-White House press secretary Sean Spicer said Trump was mulling a 20 percent tariff on all imports from Mexico to pay for the wall.
Sources:
Public Broadcasting Service reliable · dallasnews.com needs a second source · The Hill reliable · money.cnn.com needs a second source · factcheck.org reliable