US President Donald Trump, often accused of backing out on policy decisions, has generated nearly $50 billion in revenue from his “sweeping tariffs”, which have faced limited retaliation from other countries, the Financial Times reported Wednesday.
Data from the US Treasury shows that the US customs revenue soared significantly in the second quarter to $64 billion, up $47 billion from the same period last year.
While many countries hoped that the tariff rates would change and waited to secure a deal with the United States, China and Canada were the only two countries that hit back and imposed significant retaliatory tariffs and prompting fears of a full-blown trade war.
US goods face China, Canada’s retaliatory tariffs
Report suggests that even though China’s retaliatory tariffs were one of the most sustained and significant of any country, it has not had the same impact, with overall income from customs duties only 1.9 per cent higher in May 2025 as compared to the previous year.
Even though Canada has yet to release its second quarter customs data, the report suggests that the global duties imposed on US goods amount to only a fraction of the US customs revenue during the same period.
Will Trump tariffs hit American wallets?
Several supply chain experts have claimed that the cost of Trump’s tariffs is not falling solely on the American consumer, as brands are now starting to spread the impact of the rising costs globally to reduce the burden on the US market.
UAE’s Vice President and ruler of Dubai Mohammed bin Rashid Al Maktoum announced a new tax on foreign banks in the emirate on Thursday, representing another change to the country’s tax landscape.
The recently presented plan outlines the joint efforts of the EU and China to implement the Memorandum of Understanding between the union and the world’s most populous country on the circular
The US Department of the Treasury and the Internal Revenue Service have moved to enshrine certain tax credits under President Joe Biden’s Inflation Reduction Act (IRA) into the American tax code
Russian assets, frozen in the European Union after Moscow’s invasion of Ukraine, are likely to generate between 15 billion and 20 billion euros in after-tax profits until 2027, depending on the