Trump’s Tariff Measures Generate USD135.7B
(MENAFN) US President Donald Trump’s tariff measures have generated $135.7 billion in revenue as of July, the 10th month of the 2024 fiscal year, according to the US Treasury Department.
When Trump assumed office in January, monthly tariff revenue stood at $7.3 billion. That figure dipped slightly to $7.2 billion in February before climbing to $8.2 billion in March. However, the revenue surge began in April, when tariffs brought in $15.6 billion, followed by $22.2 billion in May, $26.6 billion in June, and $27.7 billion in July — a staggering 287.9% increase compared to the same period last year.
Total net tariff revenue for the fiscal year is reported to have reached $62.7 billion by the end of July.
Trump has consistently used tariffs as a strategic tool in his trade policy, initially imposing a 25% tariff on Canada and Mexico and a 10% tariff on China in early February, citing concerns over fentanyl trafficking and undocumented migration.
The tariffs on Canada and Mexico were temporarily suspended for 30 days after the two nations agreed to enhance border security. However, after the suspension expired on March 4, the 25% tariff on Canada and Mexico was reinstated, and the levy on Chinese goods was raised to 20%. On March 6, Trump exempted certain goods covered under the US–Mexico–Canada Agreement from the tariffs until April 2.
The Key Turning Point
The most significant shift in Trump’s tariff strategy came on April 2 with the implementation of sweeping reciprocal tariffs, which marked what Trump called "Liberation Day." These tariffs began with a base rate of 10%, which could rise as high as 50%. The rates were designed to counter tariffs and non-tariff barriers imposed on US exports by other countries.
The 10% tariff on all countries took effect on April 5, with higher rates scheduled to follow on April 9. The sudden escalation sparked a massive stock market sell-off, prompting Trump to issue a 90-day pause on tariffs — excluding China — less than 24 hours later.
The trade conflict between the US and China escalated dramatically, culminating in tariffs of 145% on Chinese goods and 125% on American exports. As tensions continued to rise, negotiators from both countries met in Geneva in May to negotiate a 90-day tariff reduction deal, lowering US tariffs on Chinese goods to 30%.
During this pause, from April 9 through August 1, the Trump administration secured trade agreements with the EU, UK, Japan, and South Korea, while also initiating discussions with additional countries.
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