Key Takeaways
- Tariff revenue spiked in April as President Donald Trump’s “Liberation Day” import taxes went into effect.
- The government collected $15.9 billion in tariff revenue in April so far, compared to $9.6 billion in all of March.
- The tariffs were partly devised to raise money to fund the government, but economists warn they could also push up the cost of living.
President Donald Trump’s tariffs have become a financial reality at the nation’s borders.
As of April 24, the government collected $15.9 billion in “customs and excise taxes,” according to the Treasury Department. As the chart below shows, that’s a steep uptick from $9.6 billion in March.
The tax collection data shows that April was the month Trump’s campaign of tariffs started to make a real financial impact. Trump’s April 2 “Liberation Day” tariffs against all U.S. trading partners ranged from 10% for many countries to 145% for Chinese products. That came on top of previous tariffs, including a 25% duty on foreign cars that went into effect that month.
Trump’s stated goals for his import taxes include raising revenue to fund the government, restoring U.S. manufacturing by protecting it from foreign competition, and pressuring foreign governments to make trade deals favorable to the U.S. Economists have warned the tariffs are likely to drive up the cost of living, and risk plunging the economy into a recession.
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