Trump’s Tariffs: US Leads Shift From Globalization And Liberalization | Get Me Right
U.S. customs duties have smashed through the $100 billion barrier in a single fiscal year for the first time ever, as President Donald Trump’s aggressive tariff strategy delivers an unexpected boost to federal coffers and sparks a fierce debate over the long-term impact on the U.S. economy.
Treasury Department data released Friday showed that customs duty collections surged again in June, helping produce a surprise $27 billion budget surplus for the month. Gross customs receipts quadrupled to $27.2 billion in June compared to a year earlier, while net collections after refunds hit $26.6 billion, both new records.
For the first nine months of fiscal 2025, U.S. customs duty collections reached $113.3 billion on a gross basis and $108 billion net, nearly double the prior year’s take. That revenue growth has turned tariffs into the fourth-largest federal revenue source, trailing only withheld individual income taxes ($2.683 trillion), non-withheld individual receipts ($965 billion), and corporate taxes ($392 billion).
Overall, tariffs now account for around 5% of federal revenue—more than double the typical 2% share seen in previous years.
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