Key Facts

• President Trump introduced tariffs known as "Liberation Day tariffs" over a year ago.
• These tariffs have generated roughly $340 billion in import duties for the U.S. government.
• Tariffs can encourage companies to move factories back to the U.S. and boost domestic production.
• A key U.S. industrial production measure recently reached its highest point since before the COVID pandemic.
• Tariffs act like sales taxes on imported goods, making many products more expensive for consumers.
• About two-thirds of Americans say tariffs have raised their cost of living.
• Tariffs on products that cannot be made in America, like Swiss watches, Japanese knives, or French champagne, raise costs without creating U.S. jobs.
• Swiss watchmakers, while producing in Switzerland, employ Americans in sales, technical support, and invest in U.S. communities, but tariffs reduce demand for these products and limit U.S. job growth in these roles.