By Alex Tanzi
05/23/2025 13:23:01 [BI]
(Bloomberg Economics) — Revenues generated from customs duties so far in May have already reached a new monthly record, bringing in at least $22.3 billion, according to Treasury data released Friday.
This fiscal year, customs duties have brought in nearly $93 billion, with 43% of the gains coming in April and May. President Donald Trump has said he wants tariffs to be a significant source of revenue. On Friday, Trump threatened to impose a 50% tariffon the EU and a 25% tariff on foreign-made smartphones. Tariff collections were the primary source of income for the federal government before Congress passed the income tax in 1913, but have generally been a much smaller source of revenue compared to personal and corporate income taxes.