Latest news with #CertainExcise
Yahoo
27-05-2025
- Business
- Yahoo
Trump's tariff revenue has already topped $22 billion in May
President Trump's tariffs continued to be felt by importers in May with a measure of government receipts for "Customs and Certain Excise Taxes" already topping $22.3 billion this month, according to Treasury Department data. The monthly total is likely to rise only slightly in the coming days, with importers often depositing their tariff duties largely in a single day. A massive deposit of more than $16.5 billion appeared in government coffers on May 22. May's total so far has already topped last month's full month haul of $17.4 billion — not to mention March's haul of $9.6 billion. It was a continuation of revenues spikes seen during Trump's second term in office which has dwarfed recent history as well, as Trump's own first term. All told, more than $92 billion has flowed into government coffers since Jan. 1. May's surge in revenue came as many of Trump's duties were only felt for an entire month after his biggest tariffs — 10% duties on nearly every country in the world — took effect on April 5. The haul also came after other new concessions from Trump this month that saw a slashing of tariffs on China and a limited lowering of duties on the UK. Trump added Tuesday in a social media post that more duties could be coming, saying of his decision to delay 50% tariffs on Europe for now 'Remember, I am empowered to 'SET A DEAL' for Trade into the United States if we are unable to make a deal.' The president is also threatening new tariffs in the weeks and months ahead from new sector-specific tariffs to be announced on items such as semiconductors and pharmaceuticals as well as possible tariffs aimed at companies like Apple (AAPL) and Samsung ( The data is significant but could be slightly overstated, with the Treasury Department reporting both customs duties and certain excise taxes as a single category from the Department of Homeland Security (DHS) . Excise taxes are different from customs duties and more precise data of only custom duties expected to be available in a few week's time. But customs duties have historically made up the lions share of the combined figure. Trump himself has regularly touted the surge of government tariff receipts, suggesting the US government is on its way to a repeat of an era of US history that ended more than a century ago when tariffs made up a significant portion of government revenues. "We're going to make a lot of money [from tariffs] and that money's going to be used to reduce taxes," Trump said on April 23. "We're going to get big, big tax breaks." Tariff revenues have been used to argue for the advancement of the GOP "big beautiful bill" as a way to offset the trillions in new red ink that could follow. Trump has even toyed with the idea that revenue would allow the elimination of income taxes entirely Yet May's uptick in revenues likely still represents less than $1 billion a day and a tiny fraction of all monthly government spending. In April — the most recent full month of data that is available — the flood of income tax returns brought in over $850 billion to government coffers. In recent decades, tariff revenue has tend to constituted about 2% of federal revenue. The surge in recent months has only changed that slightly with revenues now accounting for closer to 4%. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
Trump's tariff revenue has already topped $22 billion in May
President Trump's tariffs continued to be felt by importers in May with a measure of government receipts for "Customs and Certain Excise Taxes" already topping $22.3 billion this month, according to Treasury Department data. The monthly total is likely to rise only slightly in the coming days, with importers often depositing their tariff duties largely in a single day. A massive deposit of more than $16.5 billion appeared in government coffers on May 22. May's total so far has already topped last month's full month haul of $17.4 billion — not to mention March's haul of $9.6 billion. It was a continuation of revenues spikes seen during Trump's second term in office which has dwarfed recent history as well, as Trump's own first term. All told, more than $92 billion has flowed into government coffers since Jan. 1. May's surge in revenue came as many of Trump's duties were only felt for an entire month after his biggest tariffs — 10% duties on nearly every country in the world — took effect on April 5. The haul also came after other new concessions from Trump this month that saw a slashing of tariffs on China and a limited lowering of duties on the UK. Trump added Tuesday in a social media post that more duties could be coming, saying of his decision to delay 50% tariffs on Europe for now 'Remember, I am empowered to 'SET A DEAL' for Trade into the United States if we are unable to make a deal.' The president is also threatening new tariffs in the weeks and months ahead from new sector-specific tariffs to be announced on items such as semiconductors and pharmaceuticals as well as possible tariffs aimed at companies like Apple (AAPL) and Samsung ( The data is significant but could be slightly overstated, with the Treasury Department reporting both customs duties and certain excise taxes as a single category from the Department of Homeland Security (DHS) . Excise taxes are different from customs duties and more precise data of only custom duties expected to be available in a few week's time. But customs duties have historically made up the lions share of the combined figure. Trump himself has regularly touted the surge of government tariff receipts, suggesting the US government is on its way to a repeat of an era of US history that ended more than a century ago when tariffs made up a significant portion of government revenues. "We're going to make a lot of money [from tariffs] and that money's going to be used to reduce taxes," Trump said on April 23. "We're going to get big, big tax breaks." Tariff revenues have been used to argue for the advancement of the GOP "big beautiful bill" as a way to offset the trillions in new red ink that could follow. Trump has even toyed with the idea that revenue would allow the elimination of income taxes entirely Yet May's uptick in revenues likely still represents less than $1 billion a day and a tiny fraction of all monthly government spending. In April — the most recent full month of data that is available — the flood of income tax returns brought in over $850 billion to government coffers. In recent decades, tariff revenue has tend to constituted about 2% of federal revenue. The surge in recent months has only changed that slightly with revenues now accounting for closer to 4%. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices Sign in to access your portfolio
Yahoo
02-05-2025
- Business
- Yahoo
Trump's April tariff revenue topped $17 billion. That dwarfs any haul from his first term.
President Trump's tariffs became very real for importers last month as the government collected more than $17.4 billion in "Customs and Certain Excise Taxes" during April. That was nearly double March's haul of $9.6 billion, dwarfing the smaller spikes in revenue seen during Trump's first term. All told, the duties have deposited more than $70 billion into government coffers since Jan. 1. "As Billions of Dollars pour in from Tariffs ... we're only in a TRANSITION STAGE, just getting started!!!" Trump said on Truth Social Friday. He could be right. April's data will perhaps provide only a glimpse of what's coming. The biggest tariffs — 10% duties on nearly every country in the world — took effect on April 5, with plenty of additional tariffs promised for the months ahead. Read more: The latest news and updates on Trump's tariffs But also complicating the tariff revenue picture going forward are immediate signs of a drop in shipping volume in response to the duties. The Port of Los Angeles, as one example, is now projecting a drop in cargo volume of more than a third starting next week. The large haul also comes despite significant concessions from Trump in April that offered a reprieve to giant importers like auto and technology makers and countries that had been in line for much higher tariffs before the 90-day reprieve. Read more: What Trump's tariffs mean for the economy and your wallet Trump delayed additional "reciprocal" tariffs on more than 100 nations until this summer, with negotiations underway there. He has also promised new sector-specific tariffs to be announced in the weeks or months ahead on items such as semiconductors and pharmaceuticals. The data is significant but could be slightly overstated, with the Treasury Department reporting both customs duties and certain excise taxes from the Department of Homeland Security (DHS) as a single category. Excise taxes are different from customs duties, and more precise data is expected in the coming months, but the amount of those taxes collected by DHS historically is small. Trump himself has often touted the surge of government tariff receipts, suggesting the US government is on its way to a repeat of an era of US history that ended more than a century ago when tariffs made up a significant portion of government revenues. "We're going to make a lot of money [from tariffs] and that money's going to be used to reduce taxes," Trump said on April 23. "We're going to get big, big tax breaks." His aides have gone further. This week at that Cabinet meeting, Commerce Secretary Howard Lutnick touted "the hundreds and hundreds of billions of dollars coming in." Read more: 5 ways to tariff-proof your finances Stephen Miran, chair of Trump's Council of Economic Advisers, hinted Friday in a Bloomberg television interview that internal administration numbers could be different. "I would be surprised if we had tariff revenue that was less than hundreds of billions of dollars a year," he said, even as he said elsewhere in the interview that coming negotiations could result in lower tariffs within weeks. A White House spokesperson declined to offer any additional context on whether internal White House tariff revenues differ from those released publicly by the Treasury Department in their daily statements. It all has led Trump to toy with the idea that revenue would allow the elimination of income taxes entirely. But while April's surge in revenues is significant, it still represents barely a drop in America's fiscal bucket. As one example, the total tariff revenues in April represent less than a quarter of what the US pays each month just on interest on the national debt. And all monthly government spending in March — the most recent full month of data that is available — was over $528 billion, or more than 31 times April's tariff haul. And that's even before the tax bill currently advancing on Capitol Hill could authorize $5.8 trillion in new red ink in the years ahead. But that hasn't stopped Trump from often claiming that tariffs will fundamentally change the US fiscal picture and sometimes overstating the publicly available numbers. "The number is probably $3.5 billion a day," he said on April 10. He's said $2 billion a day in other contexts — and has been fact-checked repeatedly — with April's total tally including excise taxes and still representing about $580 million a day if it's averaged out. It's part of a focus from Trump on the early 20th century — and the presidency of William McKinley in particular — that has long been an era of lionization for Trump. Indeed, tariff revenue constituted about half of federal revenue in the 1890s. But that figure fell to below 2% in recent decades. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices
Yahoo
02-05-2025
- Business
- Yahoo
Trump's April tariff revenue topped $17 billion. That dwarfs any haul from his first term.
President Trump's tariffs became very real for importers last month as the government collected more than $17.4 billion in "Customs and Certain Excise Taxes" during April. That was nearly double March's haul of $9.6 billion, dwarfing the smaller spikes in revenue seen during Trump's first term. All told, the duties have deposited more than $70 billion into government coffers since Jan. 1. "As Billions of Dollars pour in from Tariffs ... we're only in a TRANSITION STAGE, just getting started!!!" Trump said on Truth Social Friday. He could be right. April's data will perhaps provide only a glimpse of what's coming. The biggest tariffs — 10% duties on nearly every country in the world — took effect on April 5, with plenty of additional tariffs promised for the months ahead. Read more: The latest news and updates on Trump's tariffs But also complicating the tariff revenue picture going forward are immediate signs of a drop in shipping volume in response to the duties. The Port of Los Angeles, as one example, is now projecting a drop in cargo volume of more than a third starting next week. The large haul also comes despite significant concessions from Trump in April that offered a reprieve to giant importers like auto and technology makers and countries that had been in line for much higher tariffs before the 90-day reprieve. Read more: What Trump's tariffs mean for the economy and your wallet Trump delayed additional "reciprocal" tariffs on more than 100 nations until this summer, with negotiations underway there. He has also promised new sector-specific tariffs to be announced in the weeks or months ahead on items such as semiconductors and pharmaceuticals. The data is significant but could be slightly overstated, with the Treasury Department reporting both customs duties and certain excise taxes from the Department of Homeland Security (DHS) as a single category. Excise taxes are different from customs duties, and more precise data is expected in the coming months, but the amount of those taxes collected by DHS historically is small. Trump himself has often touted the surge of government tariff receipts, suggesting the US government is on its way to a repeat of an era of US history that ended more than a century ago when tariffs made up a significant portion of government revenues. "We're going to make a lot of money [from tariffs] and that money's going to be used to reduce taxes," Trump said on April 23. "We're going to get big, big tax breaks." His aides have gone further. This week at that Cabinet meeting, Commerce Secretary Howard Lutnick touted "the hundreds and hundreds of billions of dollars coming in." Read more: 5 ways to tariff-proof your finances Stephen Miran, chair of Trump's Council of Economic Advisers, hinted Friday in a Bloomberg television interview that internal administration numbers could be different. "I would be surprised if we had tariff revenue that was less than hundreds of billions of dollars a year," he said, even as he said elsewhere in the interview that coming negotiations could result in lower tariffs within weeks. A White House spokesperson declined to offer any additional context on whether internal White House tariff revenues differ from those released publicly by the Treasury Department in their daily statements. It all has led Trump to toy with the idea that revenue would allow the elimination of income taxes entirely. But while April's surge in revenues is significant, it still represents barely a drop in America's fiscal bucket. As one example, the total tariff revenues in April represent less than a quarter of what the US pays each month just on interest on the national debt. And all monthly government spending in March — the most recent full month of data that is available — was over $528 billion, or more than 31 times April's tariff haul. And that's even before the tax bill currently advancing on Capitol Hill could authorize $5.8 trillion in new red ink in the years ahead. But that hasn't stopped Trump from often claiming that tariffs will fundamentally change the US fiscal picture and sometimes overstating the publicly available numbers. "The number is probably $3.5 billion a day," he said on April 10. He's said $2 billion a day in other contexts — and has been fact-checked repeatedly — with April's total tally including excise taxes and still representing about $580 million a day if it's averaged out. It's part of a focus from Trump on the early 20th century — and the presidency of William McKinley in particular — that has long been an era of lionization for Trump. Indeed, tariff revenue constituted about half of federal revenue in the 1890s. But that figure fell to below 2% in recent decades. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices Sign in to access your portfolio
Yahoo
17-04-2025
- Business
- Yahoo
Tariff revenue falls far short of Trump's wildly inflated claims
Donald Trump used his social media platform on Tuesday to share some seemingly good news. 'The United States is taking in RECORD NUMBERS in Tariffs,' the president wrote. That certainly sounded encouraging, at least until evidence got in the way. CNBC reported the day after the Republican's online boast: U.S. Customs and Border Protection appears to be contradicting President Donald Trump's comments on the daily revenue generated by his latest slate of tariffs. The agency said in a statement to CNBC on Monday, 'Since April 5, CBP has collected over $500 million under the new reciprocal tariffs, contributing to more than $21 billion in total tariff revenue from 15 presidential trade actions implemented since Jan 20, 2025.' The report went on to note that while Trump has repeatedly claimed that the United States was collecting $2 billion per day from tariffs, 'the most recent data released Monday by the Treasury Department shows the department's daily statement of total deposits listed under 'Customs and Certain Excise Taxes' as $305 million. All tariffs are collected by U.S. Customs at the point of entry.' On the surface, it's of interest to see evidence that discredits the president's inflated boasts, but deceptions and falsehoods like these from Trump are hardly unusual. Indeed, I'm hard-pressed to imagine why anyone would've believed the Republican's claims about tariff revenue in the first place, given the frequency with which the president makes comments about trade policy that are completely divorced from reality. But just below the surface, there's a larger significance. As recently as a few days ago, Trump sat down with Fox News and claimed, in apparent seriousness, that there's a 'real chance' that tariffs would generate so much revenue that the United States would no longer need income taxes. This idea, which he's peddled before, has always been bananas. In fact, 'It is literally impossible for tariffs to fully replace income taxes,' as Kimberly Clausing and Maurice Obstfeld, two senior fellows at nonpartisan think tank the Peterson Institute for International Economics, wrote last year. And yet, Trump seems quite committed to the idea. Three months ago, shortly before his second inaugural, the Republican announced plans to create an 'External Revenue Service,' so that the U.S. would no longer have to rely on the IRS. He repeated this in his inaugural address, boasting that this External Revenue Service would collect 'massive amounts of money pouring into our treasury.' The president's allies quickly chimed in. Commerce Secretary Howard Lutnick boasted last month, 'We're gonna make the External Revenue Service replace the Internal Revenue Service.' Around the same time, Republican Sen. Josh Hawley of Missouri added, 'I love Trump's idea to get rid of the Internal Revenue Service. Let's make it the External Revenue Service.' But the latest data reinforces the inconvenient fact that this entire approach is a folly. The White House is clearly destabilizing the existing tax agency, but if the president and his cohorts believe the IRS can simply be mothballed while the U.S. government relies on tariff revenue, the data shows otherwise. This article was originally published on
