President Donald Trump said this month that his tariffs have already led to $2 billion a day. The actual number was revealed to be $192 million a day at the time.
Import revenue has since increased slightly, but has yet to come close to what the president proposed.
On Friday, April 25th, the US brought in $285 million in customs and certain excise taxes for the day, according to latest data from the US Department of Commerce. So far, in April, the total total reached over $16.1 billion. Daily revenue rose from $128 million brought in on January 17th, the final day of former President Joe Biden, when the US Treasury published its daily report.
Trump had threatened to impose “retaliation tariffs” on almost every trading partner in the world. He maintained the highest at 125% in China, in addition to the earlier 20% rate due to the country’s role in fentanyl trade, Trump said.
On April 9, he banned China, suspending retaliatory tariffs and collecting 10% on all imports into the United States. He also maintained the tariffs that he announced in March on imports of automobiles, steel, aluminum and potassium. On Tuesday, the White House said Trump is aiming to ease some car rates, saying companies paying car rates are no longer charged other taxes, such as aluminum and steel, and there are refunds for tariff pipelines already paid.
Beijing slapped the US with a 125% tariff. Since then, both sides have taken small steps. The US had exempt some e-imported goods from China from customs duties, with the latter considering exemptions from certain imports, media reports.
All of this is expected to weigh US consumers. According to Yale’s Budget Lab, Americans face the highest average tariff rate in more than a century at 28%.
Lasting impact
Before Trump took office, there were still tariffs on a number of items ranging from lumber to electric vehicles.
The Biden administration was tough on Chinese products too. In 2024, Biden introduced 100% tariffs on electric vehicles, with 25% introducing 50% on steel, aluminum and semiconductor chips. However, the move was a continuation of tariff policies laid out during Trump’s first term.
Trump introduced heavy tariffs on steel at 25% in 2018, with 10% of aluminum coming soon after. In 2019, Trump lifted these tariffs in Canada and Mexico. In 2021, Biden walked the tariffs outlined specifically by Trump for the European Union as steel prices skyrocketed amid supply chain concerns brought about by the Covid-19 pandemic.
In 2024, Biden raised timber tariffs in Canada. Canada has been a long-standing issue between the two countries, but has increased from 8.5% the previous year to 14.5%. These tariffs are expected to more than double to 34.5% in the coming months.
In the midst of the affordability crisis for U.S. housing, lumber prices have been criticized as “harmful” and “harmful.” However, these challenges began in 2017 when the first Trump administration introduced a 20% tariff in April 2022, which fell to 8.5%.
Other notable tariffs introduced by the Biden administration were the result of widespread economic sanctions, including a 35% tariff on certain Russian imports in 2022 after Russia’s invasion of Ukraine. Other countries such as Canada and the UK have imposed similar tariffs on 35%.
Tariff anxiety is upon us
Trump’s tariffs are on the edge of Wall Street and Main Street, as well as much of the world. The US Department of Commerce released a report on consumer spending this month, which marked a 1.4% increase last month. Usually, that indicates an economic rise, but this time economists attribute it to consumers spending on key goods before prices rise due to new tariffs.
Other data demonstrates tumbling of consumer reliability. The University of Michigan Consumer Sentiment Index was released in March on April 11th, down 11% from the previous month. In March, the conference committee reported that consumer confidence had fallen to its lowest low in 12 years.
Automotive companies are already starting layoffs everywhere. This month, Stellantis fired 900 people, and General Motors fired 200 people as a result of tariff uncertainty. Volvo announced it would cut 800 US jobs due to tariffs. Yale’s Budget Lab predicts tariffs could cost 770,000 jobs in the US by the end of the year.
There are concerns in every corner of the world. The citrus industry alone could result in the loss of 35,000 jobs in South Africa due to tariffs. In the Republic of Ireland, one of the world’s largest drug producers, tariffs could cost as many as 80,000 jobs. And Mexico has expressed concern that tariffs could lead to more than 400,000 jobs.
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