At a Glance
- Trump’s tariff promises largely remain unfulfilled.
- The External Revenue Service, slated to start Jan 20 2025, has not been created.
- The promised $2,000 tariff dividend has not been issued.
Why it matters: These unimplemented measures keep businesses and consumers in a state of uncertainty over future costs and government revenue.
In 2024, President Donald Trump announced a series of high-tariff threats and promises that could reshape U.S. trade policy. While some measures, like new steel and aluminum duties, have taken effect, many of his bold statements have not yet materialized.
External Revenue Service and Tariff Dividend
President Donald Trump said on Jan 14 that the External Revenue Service would begin collecting tariffs on Jan 20 2025, and that the revenue would fund $2,000 rebates.
Karoline Leavitt said Wednesday that Trump is committed to sending those checks.
> “For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS) … We will begin charging those that make money off of us with Trade, and they will start paying, FINALLY, their fair share. January 20, 2025, will be the birth date of the External Revenue Service.”
> “We are committed to sending $2,000 rebate checks using the revenue from tariffs on imported goods.”
However, as of December, the agency does not exist and no dividend has been issued.
- External Revenue Service: announced for Jan 20 2025 – not established.
- $2,000 tariff dividend: promised – not issued.
Unimplemented Tariff Threats
Trump has threatened a range of tariffs that have not been enacted. The status of each is summarized below.
| Threat | Announcement | Status |
|---|---|---|
| 200% tariff on EU wine, champagne, and spirits | Mar 13 | Not implemented (EU levy postponed) |
| 100% tariff on foreign films | May 4 & Sep 29 | Not implemented |
| 200% tariff on pharmaceuticals | Jul 8 & Sep 25 | Not implemented |
| 100% tariff on computer chips | Aug 6 | Not implemented |
| 100% tariff on branded pharma (Oct 1 2025) | Sep 25 | Not implemented |
| 100% tariff on foreign films (Oct 1 2025) | Sep 29 | Not implemented |
- EU alcohol threat: postponed until at least February; never applied.
- Foreign film threat: no tariff imposed.
- Pharmaceutical threat: no executive order; earlier CNBC comment mentioned a “small tariff” that could rise to 250%.
- Chip threat: no tariff imposed.
- Tariff dividend: Treasury Secretary Scott Bessent said it might be tax cuts; National Economic Council Director Kevin Hassett said it is up to Congress.
Key Takeaways
- Trump’s major tariff promises remain unfulfilled, leaving uncertainty for trade and consumers.
- The External Revenue Service and the $2,000 dividend have not materialized.
- A series of high-tariff threats on EU alcohol, foreign films, pharmaceuticals, and chips have not been enacted.
The lack of action on these high-profile promises keeps the future of U.S. trade policy in limbo, affecting businesses, consumers, and international partners.
