Tariffs Today
07/31/2018 |
In 2017, federal government revenues were $3.316 trillion, of which 1%, or $34.6 billion, came from tariffs. While more money will come from tariffs, how much is unknown. Firms may import non-tariffed substitutes, they may buy the product from a US producer, or sales may be lost due to higher prices. Either way, tariffs are collected by the Bureau of Customs and Border Protection and go straight to the Treasury.