The US raked in an astonishing $37.8 billion from import duties in April and May as Donald Trump’s tariffs began to kick in.
The staggering figures show the real cost for businesses, but the real benefits to the Treasury’s coffers.
The government raked in $15.6 billion in April, before leaping 42 percent to $22.2 billion in May, according to Treasury data.
The duties collected in May accounted for 6 percent of the government’s total income for the month.
Although the figures are an all-time high for imports, it is still below what Trump has previously claimed the US is making as a result of his tariffs.
Historically most import duties have been generated from taxing goods from China, but Chinese imports have dropped dramatically since Trump implemented a series of punitive tariffs.
In April the US imported just $24 billion-worth of goods from China, the lowest number since 2010 other than the early months of the Covid-19 pandemic.
So far this year the US has collected $22.5 billion from duties on Chinese imports.
Imports from Canada and Mexico also declined in April, along with almost every other country.
As a result of increased tariffs, Customs and Border Protection has ramped up its enforcement policies this year.
The agency recently reported an extra $23 billion was collected after a compliance review.
Trump announced the first series of his tariffs on April 2, dubbed ‘Liberation Day’.
The new trade policies saw stock markets plunge and chaos in the bond market.
The White House later reneged on most of the tariffs pending trade talks with individual countries.
Most trading partners are now subject to a 10 percent levy, while China is currently at 55 percent following trade talks.
Other notable levies include a 25 percent duty on imported car parts that has seen major automakers raise prices and move operations to US plants.
The US raked in an astonishing $37.8 billion from import duties in April and May
Trump began implementing aggressive tariff policies on April 2, dubbed ‘Liberation Day’
Foreign imports have dropped dramatically as businesses look to avoid paying the duties
New cars are costing consumer’s more, even if the sticker price remains the same
Walmart has been among the most high profile retailers that has announced price rises in direct response to tariffs.
Subaru said that Americans will see price increases between $750 and $2,055 on new cars starting this month.
The increases were made in response to ‘current market conditions,’ Subaru said in a statement.
‘The changes were made to offset increased costs while maintaining a solid value proposition for the customer,’ the company added.
Ford also announced price hikes as a result of tariffs, which DailyMail.com analysis calculates will add roughly $480 onto the price of each new vehicle.
General Motors said it expects to pay between $4 billion and $5 billion annually if tariffs remain at their current levels.
It comes as some experts are warning that Trump’s tariff policies are posing a threat to the revival of US manufacturing.
A push for a ‘Made in America’ renaissance has been a key priority for the White House, with particular focus on the American Rust Belt.
But companies are warning how turmoil and confusion around Trump’s trade wars is slowing the progress made in reinvigorating American factories.
The latest jobs report revealed that manufacturing jobs declined by 8,000 last month — the most this year so far.
Anxiety is high in the Midwest, which remains home to the largest concentration of US manufacturing jobs — despite losing tens of thousands of workers to offshoring in the early 2000s.
