The U.S. collected more than $29 billion in tariff revenues in July, the highest monthly total to date so far this year.
That figure pushes the total tariff revenue for the year to more than $152 billion, according to the latest “Customs and Certain Excise Taxes” data released by the Treasury Department.
A COMPLETE TIMELINE OF TRUMP’S TARIFF IMPLEMENTATION STRATEGY ACROSS THE GLOBE
Tariff revenues rose steadily from $17.4 billion in April to $23.9 billion in May, before climbing to $28 billion in June.
The revelation comes as President Donald Trump approaches the final days before a series of global tariff rate changes are set to take effect on Thursday.
Last week, the White House said the new tariff rates, originally slated to take effect Aug. 1, will come into force on Aug. 7 in order to give U.S. Customs and Border Protection officials additional time to prepare to collect the duties.
TRUMP’S GLOBAL RESET OF TRADE RELATIONSHIPS WILL REMAIN IN THE SPOTLIGHT THIS WEEK
In the days leading up to the Aug. 1 deadline, Trump unveiled a wave of major trade agreements with key U.S. partners — including Japan, the European Union and South Korea. To date, 11 of the nation’s top 15 trading partners have signed broad trade deals.
Trump administration officials, including Treasury Secretary Scott Bessent, have previously said the tariffs could generate more than $300 billion in revenue for the federal government.
American businesses pay these import taxes to the federal government, but the cost often falls on consumers, as companies raise prices to offset the economic burden.
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