President Donald Trump says he believes tariffs are a panacea: a catch-all economic tool that can restore America’s manufacturing prowess, bring foreign nations to heel on key disputes, restore the balance of trade and bring in gobs of money that can help pay off the US deficit and reduce Americans’ tax burdens.

In arguing for more tariffs on goods imported to the United States, President Donald Trump has repeatedly claimed that the U.S. was its “richest” or “wealthiest” during the late 1800s and early 1900s because of tariffs.