Trump’s Tariffs Bring Surge in U.S. Revenue
(MENAFN) As of July, marking the tenth month of the fiscal year, U.S. President Donald Trump’s trade tariffs have amassed a total of $135.7 billion, based on figures published by the US Treasury Department.
When Trump assumed office in January, monthly net revenue from tariffs was $7.3 billion.
That amount slightly declined to $7.2 billion in February, before climbing to $8.2 billion by March.
In April, revenue from tariffs saw a notable escalation, reaching $15.6 billion.
This upward trend continued in the following months, with $22.2 billion collected in May, $26.6 billion in June, and a peak of $27.7 billion in July — representing a dramatic 287.9% surge compared to the same period the previous year.
By the end of this reporting period, overall net revenue from tariffs in the 2024 fiscal year had amounted to $62.7 billion.
Tariffs became a central component of Trump’s trade strategy, starting with a 25% duty imposed on Canada and Mexico and a 10% rate on China, beginning February 1.
These measures were introduced in response to what Trump described as “alleged fentanyl trafficking” and complications involving “undocumented migrants.”
The tariffs on Canada and Mexico were paused for 30 days after both nations committed to strengthening their border controls.
Meanwhile, the 10% tariff targeting Chinese imports was enacted on February 4.
The suspension of tariffs on Canada and Mexico expired on March 4, at which point the 25% rate was reimposed. Simultaneously, the levy on Chinese goods was increased to 20%.
Just two days later, however, Trump reversed course, granting an exemption for products aligning with the “US–Mexico–Canada Agreement,” effective until April 2.
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