In an interview with Ezra Klein, the right-wing populist pundit Oren Cass concedes that the Trump regime of deportations and tariffs would create short-term pain in the form of higher inflation, but insists it will be worth it in the end. He also points to the revenue raised by the tariff as an unacknowledged part of the equation. Is he right?
Yes and no. Joe Chamberlain supported tariffs in the late 19th and early 20th century in an effort, not just to bind the British Empire more closely together, but to pay for the beginnings of a welfare state. I see no evidence that Trump has any such plans. Based on his rhetoric to date and his past behavior, the revenue will be used to compensate farmers and other businesses that are impacted by foreign retaliation for the tariffs and to cut taxes for the wealthy. Average Americans will pay higher prices for consumer goods and receive nothing in return.