If tariff revenues continue at their current pace, the Trump administration’s tariffs will raise about $72 billion in 2019, which would be a new record. That’s according to American Farm Bureau estimates, based on figures released by the Treasury Department.
Last year, U.S. tariff revenues were $50 billion, the largest amount ever. For the first four months of this year, the U.S. took in $22 billion in customs duties, up 78 percent from prior-year levels.
Farm Bureau economist John Newton said in the 16 months since tariffs have been in place, “customs duties have increased by approximately $25 billion, or 55 percent.”
Tariffs have led to decreased imports. “As a direct result of the tariffs, U.S. imports from China during the first quarter of 2019 fell by $17 billion, or 14 percent, from prior-year levels,” Newton said in his analysis.