On April 7, U.S. Treasury Secretary Scott Bessent sat down with Tucker Carlson to discuss President Donald Trump’s tariff plan. Bessent immediately began the interview by distinguishing the three purposes of tariffs: (1) revenue, (2) protection, and (3) negotiating policy concessions from foreign governments.

This last purpose, opposed as incompatible with the first two purposes by protectionists, is often framed as “reciprocity.”

The interview was a good, albeit high-level discussion of America’s economic woes. What follows here will be a brass tacks review of the president’s actions towards the three purposes.

Tariffs for Revenue

Trump’s revenue tariffs alone will generate more than enough income this year to replace the income tax paid by the bottom 75 percent of personal income tax payers.

It’s an awkward thing to talk about, however, because none of the tariff powers delegated to the president by Congress list revenue raising as a purpose. This legal situation leads to some mixed messaging about Trump’s two biggest tariff revenue–raising orders.