US Tariff Revenue Hits Record $29 Billion in July

Fox Business reported on August 4 (local time) that the United States earned $29 billion (approximately 40.1389 trillion won) in tariff revenue in July, marking the highest monthly figure so far this year.

According to the U.S. Treasury Department's data on "Tariffs and Certain Excise Taxes," total tariff revenue for this year has surpassed $152 billion.

U.S. tariff revenue has continued to surge, rising from $17.4 billion in April?when President Trump announced reciprocal tariffs?to $23.9 billion in May, and then reaching $28 billion in June.

Scott Besant, U.S. Treasury Secretary, and other officials in the Trump administration have previously stated that federal government revenue could increase by more than $300 billion due to tariffs.

The New York Times reported the previous day that U.S. tariff revenue, including certain excise taxes, reached $152 billion from January to July this year, nearly double the $78 billion recorded during the same period last year. Market analysts believe that if current tariffs are maintained, additional revenue exceeding $2 trillion could be generated over the next decade.

On August 7, reciprocal tariffs targeting countries worldwide will officially take effect. President Trump had originally planned to implement the new tariff rates from the 1st, but the schedule was postponed to give the Customs and Border Protection (CBP) time to prepare.

On August 1, ahead of the tariff negotiation deadline, the United States signed trade agreements with major partners such as South Korea, the European Union (EU), Japan, and the United Kingdom. So far, 11 out of the United States' top 15 trading partners have concluded agreements.

Meanwhile, Fox Business pointed out that as companies raise prices to offset the economic burden of tariffs, these costs may be passed on to consumers.

This content was produced with the assistance of AI translation services.