Former House Speaker Newt Gingrich has asserted that President Donald J. Trump’s tariff strategy is unfolding precisely as planned, despite initial market volatility and media criticism.
In an opinion piece published Sunday, Gingrich argues that the president’s initial imposition of steep tariffs on over 100 countries served to capture global attention and demonstrate his administration’s seriousness.
According to Gingrich, the subsequent softening of the administration’s stance has successfully brought trading partners to the negotiating table, prompting them to reconsider their engagement with the U.S. market. He contends that this “Trumpian” approach, characterized by a mix of strong action and strategic negotiation, is proving effective.
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A key point of Gingrich’s argument centers on the potential revenue generated by these tariffs. He insists that these funds should be returned to the American people, rather than being absorbed into government spending. “There must not be any discussion of keeping tariff revenue as a new pork barrel for politicians or bureaucrats,” he wrote.
Drawing inspiration from Thomas Jefferson’s fiscal policies, Gingrich suggests several methods for distributing the tariff revenue. One option is to reduce future income tax rates based on the amount collected.
Another proposal mirrors the Alaskan Permanent Fund Dividend, where citizens receive direct payments reflecting state resource wealth. He also suggests tax credits aimed at promoting research and development, small business investment, and job creation. Additionally, Gingrich proposes eliminating specific, burdensome taxes to alleviate the tax burden on Americans.
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Gingrich says that estimates of tariff revenue could reach between $2 trillion and $3 trillion over the next decade. He argues that this substantial sum necessitates careful consideration of how to best return the money to the people. He emphasizes the importance of avoiding the creation of new government spending programs with the revenue.
“Congress should start thinking now about the most effective ways to put President Trump’s tariff revenues into Americans’ pockets – and far away from Washington’s piggy bank,” Gingrich concluded.
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