Tariff revenues for August surged to $31.4 billion, marking the highest monthly haul so far in 2025, as policymakers and officials highlight the economic impact on both businesses and American consumers.
Record Monthly Tariff Revenue Surges To $31.4 Billion
The U.S. Treasury Department reported that total tariff revenue for 2025 has now exceeded $183.6 billion, as reported by Fox Business last week.
Revenues have climbed steadily from $17.4 billion in April to $29 billion in July. In September, the U.S. has already collected over $1 billion, putting the country on track to approach last year's total in just a few months.
Pence Highlights Domestic Impact Of Tariffs On Businesses And Consumers
Former Vice President Mike Pence emphasized the domestic cost of these tariffs in a post on X Tuesday, writing, “American businesses and American Consumers Pay American Tariffs. Free Trade With Free Nations!”
Treasury Secretary Scott Bessent said officials are confident that revenue could top $500 billion this year, even as a federal appeals court ruled that some of the tariffs imposed under President Donald Trump exceeded his authority. Steel and aluminum tariffs remain in place.
Impact Of Trump-Era Tariffs On US Consumers And Businesses
On Monday, Tadashi Yanai, Japan's richest man and CEO of Fast Retailing, warned that U.S. consumers and businesses could face the steepest costs from tariffs imposed by Trump.
Speaking at a Uniqlo event in New York City, Yanai said the world "could go bankrupt" and that America would likely suffer the most.
Fast Retailing, which relies heavily on South and Southeast Asian production, had flagged the effect of tariffs on its U.S. operations and planned to raise prices to offset costs.
In July, economist Peter Schiff also warned that tariffs and trade barriers would hurt American consumers while benefiting foreign markets.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
