President Donald Trump introduced his administration will impose a 50% tariff on imported copper, marking a brand new escalation in his broader levy coverage.
Tariff revenues topped a report $113 billion for the primary time in the course of the fiscal 12 months – a revelation that comes as President Donald Trump imposes near-weekly duties on among the world’s largest economies.
The U.S. acquired greater than $27 billion in customs duties in June, the very best determine to this point this 12 months, in keeping with the Treasury Division’s “Customs and Sure Excise Taxes” knowledge. In comparison with final June, this 12 months’s figures are up 301%.
A LIST OF COUNTRIES FACING TRUMP’S LATEST TARIFFS
In January, tariff revenues hovered round $7.9 billion and greater than doubled in April to $16.3 billion. In the meantime, July is on observe to proceed as a income contributor for the federal authorities.
Up to now this month, Trump has introduced plans to impose a 30% tariff on imports from Mexico and all 27 international locations that make up the European Union.
Delivery containers on the Houston Port of Authority on Feb. 10, 2025, in Texas. (Brandon Bell / Getty Photos)
The administration has mentioned it would place 50% levies on copper imports and merchandise from Brazil and a 35% tariff on Canadian items.
These tariffs, slated to take impact on Aug. 1, add to the greater than 20 international locations already dealing with related measures.
Treasury Secretary Scott Bessent and commerce advisor Peter Navarro have beforehand mentioned the administration predicts tariffs could generate greater than $300 billion in income for the federal authorities.
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Because the Trump administration touts rising tariff income, it’s U.S. companies that pay these greater import taxes to the federal authorities.
Nevertheless, the financial burden may in the end be handed on to American customers via greater costs.