The U.S. Treasury collected $63 billion in tariffs over the 12 months through June up from about $30 billion a year before, The Wall Street Journal reports.
Tariff revenue is on pace for $72 billion a year, and could hit the $100 billion level President Trump touted recently if his latest tariffs on goods from China take effect as scheduled next month.
“There is one caveat, however,” the Journal’s Josh Zumbrun writes. “For every dollar brought in by the new tariffs, a dollar has been authorized to fund rescue programs for farmers who have been harmed by retaliation from China and other countries. The U.S. authorized $12 billion in farm rescue funds in 2018 and an additional $16 billion this year, for a total of $28 billion.”