Trump’s tariff revenues fell for the first time since February
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Soon U.S. president Donald Trump will face midterm elections and a possible ruling by the U.S. Supreme Court on the lawfulness of his tariffs. Photo by ANDREW CABALLERO-REYNOLDS / AFP via Getty Images/Postmedia filesArticle contentMonthly revenue collected by the United States through import duties fell for the first time since tariffs were imposed earlier this year, which could mean U.S. revenue under the current tariff regime peaked in October, according to data released by the U.S. Treasury department this week.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentSince Donald Trump imposed his global “Liberation Day” tariffs in April, revenue from custom duties have been on an upward trend, with a cumulative US$236.15 billion collected from January through to November. This is up from US$72.1 billion of reported revenue brought in by custom duties during the same period in 2024.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.We apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle contentArticle contentHowever, November marked the first time revenue was lower than the previous month, with the U.S. treasury raking in US$30.76 billion, down from US$31.35 billion in October.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentEffective Nov. 13, Trump announced a rollback of tariffs on a dozen food products, including coffee, beef, tomatoes and bananas. The move was in response to growing frustration by U.S. consumers over rising grocery prices and the cost of living.Article contentThe U.S. inflation rate stood at three per cent in September, the most recent available data due to the U.S. government shutdown.Article contentCurrently, U.S. tariffs remain in place on imports from numerous countries and consequences of Trump’s trade war are starting to show up in economic data.Article contentTariffs have cost the average American household US$1,200 since Trump took office, according to calculations by Democratic lawmakers on the U.S.
Congress Joint Economic Committee.Article contentU.S.
Federal Reserve Chair Jerome Powell said on Wednesday the current overshoot on inflation is due to the U.S. administration’s import taxes, but he expects inflation to ease in the back half of 2026. The Fed cut rates to the 3.5 per cent to 3.75 per cent range, amid a worsening jobs picture in the American labour market.Article contentArticle contentThis week, Trump announced a US$12-billion aid package for American farmers, to deal with the fallout from China’s boycott on U.S. soybeans that began int the spring in response to U.S. tariffs on Chinese goods.Article contentArticle contentRead More Canada’s productivity rebounds in the third quarter, previous years revised up William Watson: Does America First really favour Canada First, too? Article contentChina resumed purchases this fall but has fallen short of the amount set under the U.S.-China agreement on trade.Article contentStill, the tariff revenue is helping bring down the U.S. government deficit, which was US$173 billion last month, down from US$367 billion the same month last year.Article contentCanada is currently exempted from the full effect of U.S. tariffs on Canadian goods, but 50 per cent sectoral tariffs remain in place on Canadian steel and aluminum and 25 per-cent tariffs on non-U.S. content in Canadian autos.Article contentIn a move that would further hurt U.S. farmers this week, Trump threatened to impose tariffs on Canadian fertilizer products, which would disproportionately impact Saskatchewan, a world-leading exporter of potash.Article contentSoon Trump will face midterm elections and a possible ruling by the U.S. Supreme Court on the lawfulness of those tariffs applied under the International Emergency Economic Powers Act.Trending Phillips Barristers PC and Randy Ai Law Office - Ontario Superior Court Certifies Class Action Against Scotiabank Regarding Vacation and Holiday Pay GlobeNewswire 'Why let one person in the States change your life?' For Canadian snowbirds, the stay or go dilemma gets complicated Real Estate CRA penalized taxpayer for repeated failure to report income Personal Finance Howard Levitt: Why remote workers keep winning in employment law disputes Work Canadian households boost their wealth to another record high of $18.4 trillion with ‘supercharged' financial asset growth Wealth Article contentA review of the Canada-United-States-Mexico Agreement (CUSMA) is also set to take place next year, with USTR hearings already underway. The overall consensus from American business leaders and industry groups is that they want to keep the North American trade deal intact.Article contentTrump’s point man on trade, U.S.
Trade Representative Jamieson Greer, has floated the idea of breaking up the agreement and negotiating two separate trade deals with Mexico and Canada.Article contentThe U.S. Ambassador to Canada Pete Hoekstra told the National Post he does not believe the administration wants to terminate CUSMA and Prime Minister Mark Carney pushed back on the idea on Thursday.Article content“That’s not what they’re saying,” Carney said.Article content• Email: jgowling@postmedia.comArticle contentShare this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Phillips Barristers PC and Randy Ai Law Office - Ontario Superior Court Certifies Class Action Against Scotiabank Regarding Vacation and Holiday Pay GlobeNewswire 'Why let one person in the States change your life?' For Canadian snowbirds, the stay or go dilemma gets complicated Real Estate CRA penalized taxpayer for repeated failure to report income Personal Finance Howard Levitt: Why remote workers keep winning in employment law disputes Work Canadian households boost their wealth to another record high of $18.4 trillion with ‘supercharged' financial asset growth Wealth