In a significant development since President Donald Trump assumed office, the United States has surpassed $100 billion in tariff revenue, according to a report by Axios. The latest data from Customs and Border Protection (CBP) indicates that as of June 27th, the tariff revenue collected from measures implemented during Trump's presidency has reached $106.1 billion.
A substantial portion of this revenue, amounting to $81.5 billion, has been generated since Trump took office on January 20th of this year. Notably, the Treasury Department has reported a 65% increase in tariff revenue through May this fiscal year compared to the same period last year, suggesting that the annual tariff revenue could exceed government estimates.
Treasury Secretary Scott Besant had previously predicted that the annual U.S. tariff revenue might surpass $300 billion, potentially reaching up to $600 billion. This optimistic projection was echoed by White House trade advisor Peter Navarro. The Yale Budget Lab has highlighted that the current effective U.S. tariff rate stands at 15.6%, marking the highest level since the late 1930s.
In an effort to address trade imbalances, the Trump administration implemented differentiated reciprocal tariffs on 57 economic entities, including the European Union and South Korea. However, these tariffs were temporarily suspended, with the suspension set to expire on July 8th. If not extended, reciprocal tariffs will be reinstated on July 9th.
The impact of these tariffs is already being felt in the domestic automobile industry. Last month, domestic automobile production declined, attributed to the 25% tariff on imported cars imposed by the Trump administration. Hyundai and Kia reported a 21.5% decrease in their U.S. exports in May compared to the previous year, highlighting the broader economic implications of the current trade policy.
Copyright ⓒ 뉴스로드 무단 전재 및 재배포 금지
본 콘텐츠는 뉴스픽 파트너스에서 공유된 콘텐츠입니다.
