President Joe Biden and former President Donald Trump share common ground on tariff policy. While some policymakers argue that tariffs can be a tool to protect and help grow domestic industries and ensure national security, tariffs may also result in unintended economic consequences that cost U.S.
consumers billions. Trump's trade war tariffs generated about $233 billion in duties collected by U.S.
Customs through March 2024, according to an analysis from the Tax Foundation..
