President Donald Trump on Tuesday said his tariffs are taking in "trillions of dollars" -- which matches estimates from some economists for revenue his levies could generate, but over the next decade, not so far this year.
"Trillions of dollars are being taken in on tariffs," Trump wrote on Truth Social, suggesting his levies have "not caused inflation, or any other problems for America, other than massive amounts of CASH pouring into our Treasury's coffers."
Trump leaves out that tariffs are paid by U.S. companies to import foreign goods, with those costs eventually paid by U.S. consumers.
The U.S. has collected $142 billion from tariff revenue so far this fiscal year, which ends in September, according to Treasury Department data released Tuesday. Since Trump's tariffs took effect in April, his levies have generated about $96 billion in revenue, after customs duties jumped to $28 billion in July, marking an annual increase of 273%. Customs duties accounted for $27 billion in revenue for June, $22 billion in May and $16 billion in April. Before Trump's tariffs were announced, customs duties totaled $8 billion in March and $7 billion in February and January. Customs duties are tariffs or taxes paid by importers in international trade, meaning companies, businesses or individuals in the U.S. are required to pay levies as goods enter the country. Consumers tend to carry the weight of tariff costs as companies adjust prices to offset or absorb the effects of tariffs.