President Trump’s tariffs poured billions into US coffers in July as he continued to reshape the US trade landscape, putting the revenue supplied by importers at another monthly record.
New data from the Treasury Department released Tuesday afternoon confirmed that July marked another record month on the revenue front, with some $27.7 billion in customs duties coming into US coffers.
This was another step up from June’s total of $26.6 billion and May’s total of $22.2 billion. It represents a significant jump from around $8 billion in customs duties one year ago and brings the total for the fiscal year to around $135.7 billion. The government’s fiscal year ends Sept. 30.
Read more: The latest news and updates on Trump’s tariffs
The latest data is a continuation of the revenue spikes seen during Trump’s second term in office, which are dwarfing counts from recent history, as well as the amounts collected during Trump’s first term.
Trump has frequently touted the new revenue source, writing in a post on Truth Social on Tuesday that it “has been incredible for our Country, its Stock Market, its General Wealth, and just about everything else.”
In that same post, Trump also attacked Goldman Sachs (GS) over its research and forecasts on tariffs and claimed tariff-related revenues were actually in the “trillions.”
The data also confirmed, however, that tariffs still don’t make up a major piece of US government receipts, even in months like July, which the Treasury Department noted is generally softer on revenue “since there are usually no major corporate or individual tax due dates in this month.”
This latest Treasury monthly statement showed that total government receipts for the month topped $338 billion, meaning tariff-related revenues accounted for less than 10% of the total.
Tariff revenue also hasn’t helped make a dent in the overall US budget deficit, which grew around $291 billion last month. The gap for the 10 months through July came in around $1.63 trillion.
And then there’s the question of who ultimately pays the tariffs that supply that revenue to the US government. Contrary to Trump’s claims, economists agree that the countries on which Trump has slapped tariffs do not ultimately foot the bill.
Read more: What Trump’s tariffs mean for the economy and your wallet
In research this week, Goldman Sachs estimated that as of June, US businesses have borne the brunt of tariff price hikes — 64%, according to economists led by Jan Hatzius. Consumers’ share of tariff hikes was only 22% through that time period.
That mix could soon flip, the analysts noted. By October, US businesses could largely pass on those costs to consumers. Goldman Sachs estimates that consumers could foot around 67% of tariff costs by October, compared to just 8% for US businesses. Foreign exporters’ share would sit around 25%, Goldman Sachs said.
Still, tariff revenue numbers are likely to continue climbing in the coming months as Trump’s tariffs take full effect. Measures that went into effect last week raised tariff rates on goods from dozens of partners, including the European Union, Japan, and South Korea. Another significant trade partner, India, is facing levies of 50% in the coming weeks.
The latest complete tally, according to recent calculations from the Yale Budget Lab, shows that the US overall average effective tariff rate will jump to 18.6%, the highest level since 1933.
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