Annual record surpassed in six months!
The U.S. has collected more than $113 billion in tariff revenue so far in 2025, setting a new annual record as of July. In June alone, the federal government took in $27 billion—quadruple the amount from the same month a year prior—with a consistent month-to-month increase since new tariffs took effect. Revenue for the fiscal year, which began in November 2024, is on track to surpass previous fiscal-year highs, with projections of continued strong inflows as tariffs expand to more countries and categories.1
Full-year federal tax revenue from Trump’s 2025 tariffs is projected to reach $171.1 billion, according to Tax Foundation modeling. This represents an increase of 0.56 percent of GDP and marks the largest federal tax hike since 1993.2
