Tariff man

Given the flurry of announced, planned, threatened, and delayed tariffs, it has been difficult to keep track of the current state of US trade policy. Tracking the tax revenues derived from US Federal import duties is more straightforward. During US President Trump’s first term in office, the US collected USD 952.7 billion in tariff revenues, a 60% increase from the second term of his predecessor, President Obama. With most tariff policies left in place and given a strong post-Covid economic recovery, US tariff revenues rose a further 49% to USD 1.4 trillion under President Biden.

Source: US Bureau of Economic Analysis, January 2025