Latest news with #customsduties
Bloomberg
2 days ago
- Business
- Bloomberg
US Tariff Revenue Hits Fresh Record, Helping Shrink May Deficit
US customs duties climbed to a record in May, helping shrink the budget deficit for the month, while doubts remain about the persistence of the inflows as the Trump administration negotiates with trading partners and faces a judicial challenge over its levies. The Treasury Department recorded $23 billion in customs-duties revenue for May, according the agency's monthly budget statement. This represents a $17 billion, or 270%, increase from the same month a year earlier.
Bloomberg
23-05-2025
- Business
- Bloomberg
Trump's Tariffs May Not Pay for GOP Tax Cuts
Payments by importers of US customs duties rose to a record $16.5 billion for goods received in April as the full weight of President Donald Trump's tariffs came down on companies. But if the levies—currently the subject of lawsuits asserting they're illegal—are upheld and continue at their present rate, the Republican's pledge that they will pay for record GOP tax cuts will come up short. The new levies being collected consist largely of a 10% baseline tariff for most of the world, a 25% duty on steel and aluminum and 25% on autos. The tariff rate on China was about 20% when Trump took office, hit a high of 145% and is now 51%.
Bloomberg
23-05-2025
- Business
- Bloomberg
US Importers Pay Record $16.5 Billion as April Tariff Bill Lands
Daily revenue from US customs duties rose to a record $16.5 billion as American importers made monthly payments to the government for goods received in April. That revenue, disclosed in Treasury Department data released Friday, reflects the full impact of President Donald Trump's new universal tariffs for the first time. About two-thirds of importers pay customs duties in one monthly sum — the month after goods arrive in US ports — and the deadline for April payments was Wednesday.
Bloomberg
12-05-2025
- Business
- Bloomberg
US Tariff Revenue Jumped in April, Before China De-Escalation
The US collected a record amount of revenue from tariffs in April, helping to limit a further widening of the budget deficit, though President Donald Trump's search for trade deals with targeted nations may scale back future amounts collected. The Treasury Department recorded $16 billion in customs-duties revenue for April, marking a $9 billion — or 130% — increase on the same month a year before. That's the biggest monthly take for customs in at least a decade, according to data compiled by Bloomberg.
