“Former President Donald Trump hiked tariffs on a wide range of imported goods, President Joe Biden has refused to cut them, and that bipartisan opposition to free trade means Americans are now paying higher import taxes than ever.
The federal government collected more than $7.6 billion in tariffs during the month of August, according to recently released figures from the U.S. Census Bureau, which tracks economic data. That’s an amount that exceeds even the highest single-month total during the Trump administration and one that dwarves monthly tariff revenue from earlier years.”
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“It can be a mistake to make too much out of a single month’s economic data, but these numbers provide some small insight into the failures of the Trump administration’s trade policies. Higher tariffs did not reduce Americans’ desire to buy imported goods. They did not reduce the trade deficit (quite the opposite, in fact). They were not paid for by China or other foreign nations, but by American companies importing those goods (and the costs are passed along to other buyers and consumers down the supply chain).”
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“Revenue extracted by the federal government is not the only cost imposed by tariffs, of course. They also warp supply chains, change investment decisions, and encourage more spending on lobbyists and lawyers.”