One Year of Liberation Day Tariffs: $151B Revenue, 100K Manufacturing Jobs Lost, Record Trade Deficit

Multiple economic analyses released on the one-year anniversary of Liberation Day (April 2, 2025) assessed the tariff regime's record. Key findings: (1) US government collected $151 billion in tariff revenues in the first five months of fiscal year 2026 — nearly four times the prior-year pace — creating a significant new revenue stream but one under Supreme Court legal challenge via Section 122 reimposition mechanism. (2) US manufacturing shed approximately 100,000 jobs from January 2025 through April 2026, undermining the stated goal of revitalizing domestic industry. (3) The US goods trade deficit rose approximately 2% year-over-year to $1.24 trillion — the opposite of the stated policy objective. (4) Consumer prices rose modestly but persistently, with core PCE re-accelerating to 3.06% by January 2026 against a 2% Fed target. The Tax Foundation estimated the ongoing tariff regime (Section 122) costs US households approximately $600–$1,000 annually — effectively the world's largest regressive consumption tax increase since the 1930s Smoot-Hawley tariffs. The Christian Science Monitor analysis concluded the regime had 'failed by its own metrics' while generating significant budgetary revenue.