U.S. customs revenue for the month through July 25 is nearly at $28 billion, setting a new monthly record and already pushing past June’s previous record of $27 billion. That compares to around $7.9 billion in January and $16.3 billion in April.
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Total customs revenue for the year stands at $150 billion, also a record high. Much of the revenue is attributed to vehicles and auto parts.
Tariffs Set to Generate Hundreds of Billions of Dollars
The U.S. could generate an extra $240 billion in tariff revenue this year from Trump’s tariffs, according to Academy Securities head of macro strategies Peter Tchir. Treasury Secretary Scott Bessent previously said that tariffs could bring in over $300 billion per year.
However, the big question of who fronts the bill is still up in the air. It still isn’t clear whether customers, importers, distributors, or foreign exporters will be responsible for the brunt of the price increases. Smaller retailers could also be at risk because larger retailers will be able to receive better terms from suppliers given volume advantages.
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