Trump's all-in-one tariffs try to fund everything, fix everything

President Trump has touted tariffs as the key to unlocking America's Golden Age — and his rationale for how they'll do that constantly shifts.Why it matters: Trump wields tariffs like an all-powerful multipurpose tool, but economists say his strategy isn't enough to address all of America's problems, especially if he's double-dipping into tariff revenues to fix cost of living issues, balance the trade deficit and reshore manufacturing. State of play: The Supreme Court heard oral arguments on the Trump administration's authority to impose reciprocal tariffs on trading partners last week, and the court appeared skeptical of the legality of the move. Some of the justices suggested that in effect, the tariffs serve as a tax on Americans — a power strictly reserved for Congress.A potential ruling limiting tariffs would erase many of Trump's current plans for the money and would be what Trump has described as a logistical nightmare to figure out what to do with the billions of dollars in revenue America has already collected.Nonetheless, the president has pressed on, defending his tariffs and even finding new projects to spend the revenue on, including an improbable $2,000 rebate check for low-income Americans.What they're saying: "When President Trump said that 'tariff' is one of the most beautiful words in the English language, he had a point," a White House spokesperson told Axios in an emailed statement. "Tariffs helped America industrialize, raise revenue to pay off debt, and level the playing field against unfair foreign trade practices before, and they're doing so again now."Here's a non-exhaustive list of all the administration's rationale for tariffs:March 26: American cars onlyThe auto industry broke down over Trump's announcement that he was imposing a 25% tariff on cars and auto parts made outside the United States to incentivize makers back to American shores.The move followed Trump's repeated promise on the campaign trail to return union jobs to America's Rust Belt, although economists say the tariffs aren't enough to reinvigorate the decaying manufacturing economy.These tariffs have been modified multiple times, but foreign-made pickup trucks and other SUVs are still subject to the original 25% tariff.Additionally, Trump inked a new deal in October that will reimburse automakers up to 3.75% of the cost of a U.S.-manufactured car for parts.April 2: Trump sets global tariffs, penguins includedThe president announced a baseline 10% tariff on all imports in April, with higher reciprocal rates for select goods and industries.At the time, Trump pitched the tariffs as a catch-all that would offset his planned tax cuts, revive domestic manufacturing and steer foreign leaders toward agreeing to non-trade related demands.It is still unclear what the administration hoped to gain from imposing tariffs on several remote uninhabited islands whose only residents are colonies of seals, penguins and other birds.April 9: Trump pauses tariffs because markets were "yippy"Trump suspended his widespread tariffs a week after implementing them, relieving weary investors and economists who had been watching the S&P 500 tumble for days and the bond market plunge."Well I thought that people were jumping a little bit out of line. They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid," Trump said.April 10: Lutnick says tariffs are going to bring back manufacturingCommerce Secretary Howard Lutnick didn't put a timetable on how long it would take for manufacturing to return to America, but insisted those jobs and industries were going to come roaring back."There will become a balance. Interest rates will be much, much lower. The United States of America will be much, much stronger," he said. August 22: Cutting down the deficitThe administration touted an analysis from the Congressional Budget Office that found the president's tariffs could reduce the deficit by $4 trillion over the next decade.The report notes that the estimates could change due to uncertainty and that tariffs "in effect will continue permanently without changes" — but the president's tariffs could be overturned shortly. Sept. 6: Potential loopholes for things America doesn't produce Recognizing that consumers were getting antsy over inflation on pharmaceuticals and groceries, the administration released a memo detailing categories that "may" get reduced tariffs in September.The memo offered the prospect of relief on fruits, spices, vitamins and natural resources that America doesn't produce or have a big domestic supply of.Driving the news: Trump signed an executive order Friday evening that would drop tariffs on dozens of food items, including bananas, beef, coffee and cocoa. The move is the most significant tariff backtrack yet, designed to counter America's growing affordability crisis. Nov 9: Bessent says tariffs aren't for revenueTreasury Secretary Scott Bessent seemingly sidestepped Trump's promotion of tariff revenue for projects last Sunday, claiming that tariffs aren't for revenue, but to "re-balance trade and make it more fair.""What would happen over time is, we would take in substantial money as factories come back to the U.S.," he said."Tariff income will be substantial at the beginning, it will come down, and then domestic tax revenues will climb as corporate taxes go up and all these high-paying jobs are created."Between the lines: Bessent's comments echo the government's position in the case questioning the president's tariff authority that's in front of the Supreme Court now.The same day the secretary made the remarks, the president posted: "[w]e are taking in Trillions of Dollars and will soon begin paying down our ENORMOUS DEBT, $37 Trillion. Record Investment in the USA, plants and factories going up all over the place," on Truth Social. Ongoing: Sprawling foreign investmentsAmerica has secured billion dollar pledges to invest in the U.S. from foreign nations hoping to reduce their tariff rates, including from allies such as the European Union and Japan. These investments are supposed to pay for infrastructure projects, semiconductor manufacturing, pharmaceuticals and shipbuilding, among other things.It's worth noting that some of the agreements are so vague that the investing countries may already be planning on slow-walking their commitments, as Axios' Dan Primack previously reported. The Commerce Department did not respond to Axios' request for comment. Go deeper: Trump's tariffs run into revenue problem at the Supreme Court

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