Despite many of the “Liberation Day” tariffs having been paused for the past three months while trade negotiations were ongoing, the tariffs that remained in effect, e.g. a 10-percent baseline tariff on nearly all U.S. imports, punitively high tariffs on Chinese imports and new tariffs on imports of steel, aluminum and passenger cars, were enough to send U.S. tariff revenue surging. According to data published by the Department of the Treasury, U.S. government receipts from customs duties and fees more than tripled between March and June, reaching an all-time high of $26.6 billion last month.

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