US tariffs – who is footing the bill?
Donald Trump claims that the massive increase in US tariffs will be borne by other countries.
Commerzbank Economic Research
09/26/2025
US customs revenues are booming...
The protectionist US tariff policy is increasingly reflected in rising tariff revenues. In August, the US Treasury received nearly $30 billion in tariffs (title chart). These revenues are likely to continue to rise in the coming months. According to various estimates, annual revenues are expected to level off at around $400 billion in the medium to long term.
... and the tariffs are here to stay
This is unlikely to change fundamentally in the coming years. Although a Supreme Court ruling on the legality of the tariffs is still pending (see box), the US is unlikely to return to a policy of low tariffs. After all, the erection of tariff barriers is one of the few issues on which Republicans and Democrats largely agree. Moreover, given the budget situation, tariff revenues are politically indispensable. Tariffs are apparently the only way to generate higher revenues for the US government.
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