Slatestone Wealth chief market strategist Kenny Polcari discusses GDP growth trends in the United States, President Donald Trump’s potential TikTok deal with China and more on ‘Varney & Co.’
The U.S. has collected more than $200 billion in tariff revenues this year, underscoring the scale of President Donald Trump‘s trade duties as a significant source of government income.
Tariff revenues hit $31.4 billion in August, the largest monthly total in 2025. September has already climbed to $29.7 billion and is on pace to set a new high.
BESSENT DEFENDS TRUMP’S TARIFFS AGAINST CLAIMS THEY HARM US BUSINESSES
Total tariff revenue for 2025 has reached $213.3 billion, according to the latest “Customs and Certain Excise Taxes” figures released on Sept. 23 by the Treasury Department.
Tariff revenues rose steadily from $17.4 billion in April to $23.9 billion in May, before climbing to $28 billion in June and reaching $29 billion in July.
Still, the source of tariff revenue is important to note. American businesses pay these import taxes to the federal government, but the cost often falls on consumers, as companies raise prices to pass off the economic burden.
The steady climb in duties comes as the Supreme Court takes up the question of whether Trump’s sweeping tariffs, a central piece of his economic agenda, are legal.
The facade of the U.S. Supreme Court in Washington, D.C., on Oct. 3, 2024. (Valerie Plesch/picture alliance/Getty Images / Getty Images)
The nation’s highest court will hear arguments during the first week of its November session.
TRUMP SAYS US WOULD BE ‘DESTROYED’ WITHOUT TARIFF REVENUE
A federal appeals court ruled on Aug. 29, that Trump overstepped his authority by using emergency powers to impose new tariffs on imported goods.
The court said that power lies squarely with Congress or within existing trade policy frameworks. The court allowed the tariffs to remain in effect until mid-October.
Shipping containers at the Houston Port of Authority on Feb. 10, 2025, in Houston, Texas. (Brandon Bell/Getty Images / Getty Images)
The August decision does not extend to the tariffs imposed on steel and aluminum imports.
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The White House has previously defended Trump’s tariffs as a legitimate use of presidential powers to protect the economy in a statement to Fox News Digital.
“We look forward to ultimate victory on this matter with the Supreme Court,” wrote White House spokesperson Kush Desai.
