Trump’s Tariffs Add Billions to Revenue by July
(MENAFN) US President Donald Trump’s tariff strategies have generated a total of $135.7 billion as of July, marking the tenth month in the fiscal year, according to figures published by the US Treasury Department.
At the time Trump assumed office in January, the monthly net tariff income was $7.3 billion, slightly decreasing to $7.2 billion in February before climbing to $8.2 billion in March.
April experienced a significant surge with tariff revenue reaching $15.6 billion, followed by $22.2 billion in May, $26.6 billion in June, and $27.7 billion in July — representing a 287.9% rise compared to the previous year.
Overall net tariff receipts for the 2024 fiscal year amounted to $62.7 billion.
Trump used tariffs as a critical element in his trade strategy by initially imposing a 25% tariff on imports from Canada and Mexico, along with a 10% tariff on Chinese products starting February 1, citing concerns over fentanyl trafficking and challenges linked to undocumented immigration.
The tariffs on Canada and Mexico were paused for 30 days after both nations committed to enhancing border security, whereas the 10% tariff on Chinese merchandise took effect on February 4.
The month-long suspension concluded on March 4, reinstating the 25% tariff on goods from Canada and Mexico and increasing the tariff on Chinese goods to 20%.
However, two days later, Trump reversed course by exempting products compliant with the US–Mexico–Canada Agreement until April 2.
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