Trump says closed trade exemption cost $10.8bn in lost 2024 tariff revenue
President Trump said the exemption cost an estimated $10.8 billion in foregone tariff revenue in 2024 before it was closed, and a court upheld his authority to revoke it.
The trade exemption resulted in an estimated $10.8 billion in foregone tariff revenue in 2024 before President Trump closed it, according to his statement.
Importers challenged the decision in court, but a ruling confirmed the president has the legal authority to rescind the privilege.
He said the U.S. is now safer and that billions in tariff revenue can instead help pay for the military, tax relief, no tax on tips, and no tax on Social Security.
Source: First Squawk