US: Trump reaps $50 bn from tariffs as world ‘chickens out’ from retaliation

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.