"Federal tariff revenue soared to historic highs in fiscal year 2025, fueled by the Trump administration's aggressive trade strategy, according to a new analysis from a leading fiscal watchdog. The Committee for a Responsible Federal Budget (CRFB) reports that customs duties generated $195 billion this year-a more than 250% jump from the previous year's tally and a clear signal of the fiscal impact generated by heightened trade measures."
"Customs duty collections, which began the fiscal year under preexisting rates, spiked dramatically as the administration introduced new and expanded tariffs throughout the year. Monthly revenue climbed from $7 billion in January to $30 billion by September, culminating in a total annual tariff collection of $195 billion-nearly $118 billion (or 150%) more than the $77 billion collected in 2024. Much of this revenue-roughly $150 billion-came in the second half of the year, where receipts outpaced the same period last year by almost 300%."
"The CRFB did not comment in this analysis on exactly who is paying for the tariffs, a subject that is much debated and somewhat opaque given how tariffs are calculated. Federal Reserve governor Chris Waller told CNBC in October that the data he sees suggests that wealthier Americans are bearing a much heavier load from tariff pass-throughs, while Fortune's Shawn Tully and Steve "the Money Doctor" Hanke wrote in August that the tariffs are really a sales tax in disguise."
Customs duties produced $195 billion in fiscal year 2025, a more than 250% increase from the prior year driven by new and expanded tariffs. Monthly tariff receipts rose from $7 billion in January to $30 billion by September, with roughly $150 billion collected in the second half of the year. One-time student loan reforms yielded $200 billion in savings. Despite the revenue boost and savings, the federal deficit totaled $1.8 trillion, about 6% of GDP, and the national debt stands near $38 trillion. If current tariffs persist, they could generate up to $3 trillion from 2025–2035, leaving additional deficit reduction needed for sustainability.
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