Tariff collections by the U.S. government surged to an all-time high of $113 billion in the latest fiscal year, marking a milestone as President Donald Trump continues to expand tariffs on a growing list of global trading partners.
Data released by the Treasury Department under its “Customs and Certain Excise Taxes” report shows the government took in over $27 billion in customs duties in June alone — the highest monthly total recorded this year. That figure represents a staggering 301% increase compared to June of the previous year, reports Fox Business.
Tariff revenue had stood at roughly $7.9 billion in January and more than doubled by April, reaching $16.3 billion. Early figures for July suggest the upward trend is set to continue, further boosting federal income.
In recent weeks, the Trump administration has unveiled plans to escalate tariffs on a number of major economies. A new 30% tariff is scheduled to be applied to goods imported from Mexico and all 27 member states of the European Union. Additional duties include a 50% levy on copper and related imports from Brazil, along with a 35% tariff on Canadian products. These new tariffs are expected to go into effect on August 1 and will join similar measures already targeting over 20 countries.
Treasury Secretary Scott Bessent and White House trade advisor Peter Navarro have estimated that tariff policies could yield more than $300 billion in revenue for the federal government.
While the administration highlights rising revenue from these trade measures, the financial burden primarily falls on American importers. Experts warn that higher costs for businesses could eventually be passed along to U.S. consumers in the form of increased prices.
At a recent White House event, President Trump criticized Federal Reserve Chair Jerome Powell, blaming him for holding back the economy.
“We have a bad Fed chairman, really bad,” Trump said. “If he would lower the rates, if he would lower the rates. And I tried being nice to the guy. It doesn’t help. He’s like a knucklehead. Oh, he’s a knucklehead, a stupid guy. He really is.”
The president also reiterated his belief that interest rates should be significantly lower than current levels. “We should be at 1%. We should be less than 1%,” Trump said.
