patrick.net

It’s not nothing: At May’s pace, these customs and excise taxes would amount to $288 billion per year, up by $190 billion from 2024.

Tariffs are taxes paid by businesses – some of the biggest of which pay little nor no income taxes in the US. Total corporate income tax receipts amounted to only $507 billion in 2024, or about 12.5% of the $4.1 trillion in pre-tax corporate profits, according to data from the Bureau of Economic Analysis.

And an additional $190 billion in tariffs per year would be an increase of 37% of the taxes paid by corporations.
https://wolfstreet.com/2025/06/02/revenues-from-tariffs-spiked-to-23-billion-in-may-up-by-168-in-3-months/

I told you so, part II. ABC, yesterday: “US trade deficit narrowed significantly amid Trump's tariff escalation.” Experts were baffled.

The U.S. global trade gap fell by more than half in April, as the U.S. chalked up a trade deficit of only about $61 billion in April, “marking a sharp decline from a $140 billion trade gap a month earlier.” In other words, in just one month, Trump’s tariffs have cut the trade deficit by more than half.