Tariff revenues topped a record $113 billion for the first time during the fiscal year – a revelation that comes as President Donald Trump imposes near-weekly duties on some of the world’s largest economies.
The U.S. received more than $27 billion in customs duties in June, the highest figure so far this year, according to the Treasury Department’s “Customs and Certain Excise Taxes” data. Compared to last June, this year’s figures are up 301%.
A LIST OF COUNTRIES FACING TRUMP’S LATEST TARIFFS
In January, tariff revenues hovered around $7.9 billion and more than doubled in April to $16.3 billion. Meanwhile, July is on track to continue as a revenue contributor for the federal government.
So far this month, Trump has announced plans to impose a 30% tariff on imports from Mexico and all 27 countries that make up the European Union.
The administration has said it will place 50% levies on copper imports and products from Brazil and a 35% tariff on Canadian goods.
Those tariffs, slated to take effect on Aug. 1, add to the more than 20 countries already facing similar measures.
Treasury Secretary Scott Bessent and trade advisor Peter Navarro have previously said the administration predicts tariffs may generate more than $300 billion in revenue for the federal government.
As the Trump administration touts rising tariff revenue, it’s U.S. businesses that pay those higher import taxes to the federal government.
However, the economic burden could ultimately be passed on to American consumers through higher prices.
