In April, President Trump’s tariffs led to a significant increase in customs payments, reaching a record high of $16 billion, according to the Treasury Department. This amount reflects an increase of $7.6 billion compared to the previous month and surpasses the previous record of $9.6 billion set two years ago. The rise is attributed to Trump’s decision to increase tariffs on Chinese goods to as much as 145%, along with imposing at least 10% levies on imports from other countries.\n\nThe April collections indicate that the US gathered approximately $500 million daily from tariffs, although Trump previously claimed the figure was closer to $2 billion per day. The surge in revenue likely stems from earlier tariffs imposed on steel, aluminum, and products from Mexico and Canada, as new tariffs typically take about a month to appear in receipts.\n\nFor the fiscal year’s first seven months, net customs duties amounted to $63 billion, compared to $48 billion during the same period last year. However, this revenue boost may be temporary, as the US and China recently agreed to ease tariffs on each other’s goods. The US reduced its 145% duties to 30% for 90 days, while China lowered its tariffs on US imports from 125% to 10%.\n\nIn April, individual non-withheld tax payments increased by 16%, totaling $460 billion. Individual refunds also rose by 16%, reaching $86 billion, which affected the net total budget receipts of $850 billion for the month. The Treasury reported a $1.05 trillion budget deficit for the first seven months of fiscal 2025, up 23% from the previous year.\n\n— new from New York Post
