As the U.S. prepares to implement another round of tariffs on China next month, new data shows just how much the government is collecting from the cumulative levies it has imposed on goods from other countries.
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According to a report from the U.S. Treasury Department released on Monday, for the fiscal year-to-date, the U.S. has collected $59 billion from tariffs – an increase of 75 percent from the same period last year.
During the month of July alone, the U.S. collected $7 billion from tariffs, which is a 59 percent year over year increase.
President Trump has said he plans to implement an additional 10 percent tariff on the remaining $300 billion worth of goods coming into the U.S. from China in September. His administration has already imposed tariffs on $250 billion worth of goods from China.
While Trump has maintained that China is bearing the brunt of the tariffs, there are concerns that higher costs for U.S. businesses will ultimately be passed along to U.S. consumers.
Trade negotiations between the world’s two largest economies are expected to continue in Washington, D.C., next month.
Individual income taxes made up the largest share of total receipts for the 2019 fiscal year-to-date, at more than $1.4 trillion.
Meanwhile, however, spending continued to outpace revenue collection.
July 2019 had a budget deficit of $120 billion, compared to $77 billion last year. For the fiscal year through July, the 2019 deficit totaled $867 billion. The gap is already larger than last year’s overall deficit of $779 billion.