Trump’s Tariffs Deliver Record $23 Billion Revenue in May

May 22 was the largest day for tariff revenue collections.

U.S. tariff revenues reached an all-time high in May as President Donald Trump’s trade policies started to fill government coffers.

According to the May 28 Daily Treasury Statement, revenues from “customs and certain excise taxes” climbed to a record high of $23.28 billion this month, up from $17.431 billion in April.

May was the first full month that Trump’s levies took effect. Most of the tax collections occurred on May 22, exceeding $16 billion.

Shortly after his April 2 “Liberation Day” announcement, the administration imposed 10 percent tariffs on nearly every country in the world.

Fiscal year-to-date—the federal government’s fiscal year runs from October 1 to September 30—tariff revenues total $93.85 billion.

Customs and Border Protection (CBP) says that it has been implementing and enforcing the president’s tariffs “using all our enforcement and revenue collection authorities.”

“CBP enforces tariffs through a combination of legal authority, advanced systems, and operational procedures designed to ensure that duties owed are paid,” the CBP said in a report earlier this month. “We have fulfilled the demand and remain committed to facilitating legitimate trade while upholding a robust enforcement posture.”

Last month, the CBP conducted 33 audits, leading to the collection of $117 million in duties and fees owed to the U.S. government. Officials found that imported goods had been “improperly declared.”

Despite the sizable increase in tariff revenues, it still accounts for a relatively small portion of overall government receipts.

In April, Washington generated $850 billion in revenues, meaning levies represented approximately 2 percent of the total amount.

Despite the president’s estimates, tariffs are only producing less than $1 billion per day for the U.S. government.

During a meeting with Salvadoran President Nayib Bukele last month, Trump stated that the United States was “taking in billions and billions of dollars” from his trade agenda.

“We were losing 2 billion a day. … Now we’re making $3 billion a day,” he said.

The president has repeatedly threatened new or higher tariffs since the “Make America Wealthy Again” event on April 2.

“Remember, I am empowered to ‘SET A DEAL’ for Trade into the United States if we are unable to make a deal, or are treated unfairly,” Trump said in a May 27 post on social media platform Truth Social.

By Andrew Moran

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

The Looming Threat To Our Homeland

After success of “Operation Midnight Hammer,” where U.S. military bombed Iranian nuclear facilities, the threat to America has never been greater.

Groundhog Day came late this year to the Land of Smiles.

it’s the same rigmarole, on whatever pretext, the army commandeers the Thai state with vague promises to restore democracy at some unspecified future date.

Resource number one

Russia has an unsustainable birthrate worsened by mortality rate of Russian males through war and alcoholism. One solution, steal young children from other countries. 

Expansionist CCP Runs Amok in Pacific After U.S. Relocates Naval Assets to Mid-East

Caveat established, China’s been going bananas on the high seas as the eyes of the world, and U.S. military assets, hone in on Iran.

The Anti-Trump Protests – Why Are They So Important?

The anti-Trump stance is not a political position, but a desperate gesture, a mental diagnosis of those who refuse to accept the reality of the World today.

Mawson study using Florida Medicaid data again confirms childhood vaccines are likely responsible for nearly 80% of the autism cases in US

Mawson study using Florida Medicaid data again confirms childhood vaccines are likely responsible for nearly 80% of the autism cases in US.

Abbott Signs Bill Into Law Requiring Ten Commandments in Public School Classrooms

Texas Gov. Greg Abbott announced he signed a bill into law, that would require all public school classrooms in his state to display the Ten Commandments.

Supreme Court Limits Factors Courts May Consider When Revoking Supervised Release

On June 20, the Supreme Court voted 7–2 to limit the factors that judges are allowed to consider when revoking supervised release.

Reports: B-2 Stealth Bombers Depart United States, Heading West

Reports indicate multiple U.S. Air Force B-2 Spirit stealth bombers departed Whiteman Air Force Base, MS, overnight on June 20 and June 21, heading west.

No Changes Planned for FDA’s Vaccine Advisory Committee ‘At This Time’: Spokesperson

There are no plans to remove any members of the panel that advises the FDA on vaccines, a spokesperson said on June 20.

Trump Says Trade Deals Expected With India and Pakistan

President Trump expects US will sign trade deals with India and Pakistan, signaling growing momentum in push to reshape global trade through tariff diplomacy.

Trump Says US Intelligence Community’s Assessment of Iran’s Nuclear Program ‘Was Wrong’

President Trump said his director of national intelligence’s assessment in March that Iran had yet to decide on building a nuclear weapon was wrong.

NIH Ends Gain-of-Function Research, Implementing Trump’s Executive Order

The NIH announced the end of gain-of-function research. The institute’s update said the move is in compliance with President Trump’s EO on the topic. 
spot_img

Related Articles