WisGOP Research Update 10/28/25
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- 7 hours ago
- 2 min read
October 28, 2025
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President Trump’s Tariffs Work and are Bringing Down the Deficit
New Treasury data shows the U.S. budget deficit fell in recent months as tariffs and debt payments both saw new records.
September’s monthly surplus of $198 billion was the largest surplus of any September on record and 147% higher than last year.
The United States could collect more than $300 billion in tariff revenue this year thanks to President Trump.
Treasury Secretary Bessent predicts that tariff revenues from tariffs may end up topping $500 billion a year.
President Trump’s tariffs will reduce total deficits by over $4 trillion over the next decade.
Tariffs are expected to raise $2.8 trillion through 2034 and grow the economy.
Prices for imported goods have declined faster than prices for overall goods—confirming that tariffs have had little effect on prices.
The most recent inflation data confirms American consumers are seeing little effect on prices from tariffs.
Inflation is lower than in other countries, debunking the narrative that tariffs are creating higher prices.
Inflation expectations are back down to pre-tariff levels.
President Trump’s tariffs are driving new investments and job creation in America.
South Carolina aluminum maker Century Aluminum Co. plans to invest $50 million and add 100 jobs as a direct result of President Trump's new tariffs.
Gas Prices are Falling Nationwide under President Trump
Thanks to President Trump, gas prices are falling across the country amid record oil production, with the nationwide average now below $3 per gallon.
GasBuddy: ”Currently, 35 states have average gas prices below $2.99/gal.”
During President Trump’s first term, the nationwide average for regular gas never rose above $3 per gallon.
Under Joe Biden, gas prices were above $3 per gallon for 92% of his presidency.
President Trump knows that energy dominance will grow our economy and lower gas prices.