Yes, Trump's tariffs are raising billions but at a steep economic cost

"The tariffs at the heart of this week's Supreme Court case are raising tens of billions of dollars for the federal government. They're also costing consumers, frustrating businesses and hurting the manufacturers they're supposed to help. The average tax on U.S. imports today is nearly 18%, according to economists at the Budget Lab at Yale up from 2.4% before Trump returned to the White House. The Treasury Department is collecting almost four times as much tariff revenue now as it was a year ago."

"Despite the administration's repeated claims that foreign suppliers are paying the tariffs, most of the bill is being paid by U.S. importers. And ultimately, at least some of the tab will be passed along to American consumers in the form of higher prices. "It's a tax," says Patrick Allen, a wine importer based in Columbus, Ohio. "And it get built into the price everybody is paying for goods.""

Tariffs enacted under the current administration have raised the average tax on U.S. imports from 2.4% to nearly 18%, generating tens of billions in federal revenue and driving Treasury collections to almost four times last year's levels. Emergency tariffs under Supreme Court review account for a significant share; absent them the average rate would be closer to 9%. Most tariff costs fall on U.S. importers and are partially passed to American consumers as higher prices, contributing to rising inflation in categories like apparel and furniture. Wild, unpredictable tariff swings—from 30% to over 100%—have created havoc for importers and supply chains.

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