‘Thank you, Mr.
Tariff!’: Trump says his tariffs led to the biggest deficit drop ‘in history.’ Are they still working?
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. President Donald Trump has repeatedly pointed to tariffs as a key tool for reshaping U.S. trade — and he has argued that a falling trade deficit proves the policy is working. “THANK YOU MR. TARIFF!” Trump previously wrote on Truth Social after celebrating a sharp, 55% drop in the trade deficit (1).
Must Read But a falling trade deficit doesn’t necessarily mean tariffs are working in everyone’s favor. As the administration rolls out another round of tariffs, economists say the bigger picture is more complicated — including whether the costs eventually land on American businesses and consumers. According to the latest U.S.