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

Contact Your Elected Officials

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 Very British Stalemate: British Politics Explained for Americans

The assumption in the minds of American commentators, politicians, and analysts is that the UK has "gone to the dogs" with "woke" political ideology.

NFL Vikings Male Cheerleader Controversy  

The NFL under the leadership of Roger Goodell is back to yet another controversy that is causing backlash and a possible boycott.

Euronews Is Euro-Trash: Lessons in Media Deception Tactics

Euronews “covered” the vicious murder of a 17-year-old Dutch girl by so-called asylum seeker who raped another girl, calling him simply a “22-year-old man.”

The Woke Left Goes Lock, Stock And Cracker Barrel

Another legendary American institution has been targeted by woke leftists. This time it is the popular family restaurant chain, Cracker Barrel, founded in 1969.

‘Indigenous Drag Story Hour’: A Back-to-Public-School Treat For the Kids

I gave leading child-grooming outfit Drag Queen Story Hour my email to solicit me for funds to convert more public school kids into trannies.

Democrats Map Strategy and Urge Unity ’to Win Elections, Not Arguments’

DNC Chair Ken Martin called upon fellow Democrats to prioritize results over rhetoric as party opened its summer meeting in Minneapolis on Aug. 25.

Federal Reserve Signals Rate Cut—What This Means for Your Money

In Jackson Hole keynote address Fed Chair Powell stated current conditions, a deteriorating labor market, “may warrant” a change in monetary policy.

Netflix Unveils Opening Dates for Philadelphia, Dallas Entertainment Venues

Opening this fall in Philadelphia and Dallas, the Netflix House complexes will feature themed experiences and a restaurant inspired by Netflix content.

Texas Democrats Take Center Stage at DNC Summer Meeting Amid Redistricting Battles

Texas Democrats got a heroes’ welcome on opening day of the Democratic National Committee’s summer meeting in Minneapolis.

Trump Floats New Meeting With Kim Jong Un as South Korea’s Lee Visits White House

President Trump welcomed South Korea’s new president, Lee Jae Myung, to the White House to discuss trade, investment, and defense collaboration.

Trump Signs Order Targeting American Flag Burning, Desecration

President Trump signed an EO that directs the attorney general to prosecute those caught burning the American flag or desecrating it in other ways.

Trump Signs Executive Orders Aimed at Ending Cashless Bail

Trump signed two EOs aimed at eliminating cashless bail, along with order adding specialized law enforcement units to executive agencies in Washington.

Airbnb Co-founder to Redesign Thousands of US Government Websites

Airbnb co-founder Joe Gebbia is honored to redesign thousands of U.S. government websites after he was appointed as Trump’s new design chief.
spot_img

Related Articles