The U.S. Collected Record Amount In Tariffs During October
Given the past escalation of the trade ware between the U.S. and China, the U.S. has collected an increasing amount of money in tariffs. During the month of October, revenues from import taxes reached the highest number in history. More specifically, $7.2 billion were collected in tariffs during that month.
That amount is $1 billion more than the amount collected from tariffs during October of the previous year. In September, President Donald Trump increased tariffs on $111 billion worth of consumer goods imported from China. As the trade war continues, Trump is expected to increase tariffs again.
"Even when faced with this staggering number, it's still unclear whether the president will follow through with his threat to raise taxes yet again," said Jonathan Gold, a representative for Americans for Free Trade. "This trade war has lasted long enough and done enough damage."
While the U.S. taxes consumer goods, China has responded in kind by imposing tariffs on agricultural goods. Tariffs from China have reached a total of $12 billion since the trade war began.
Trump has worked to decrease the financial fallout felt from farmers because of the targeted tariffs. A federal bailout program aimed at farmers has spent more than $28 billion in order to supplement falling incomes.