See a chart showing how US tariff revenue has grown in recent years.

Track how American tariffs have impacted different countries and industries.

Tariffs once fueled the US economy, historically serving as a primary source of revenue and a means to protect domestic industries.

Read an overview of US tariff policy before the second Trump Administration

This comprehensive report from the Congressional Research Service explores the evolving role of tariffs—from a major source of government revenue to a tool for trade and foreign policy—providing insights into current practices, legal foundations, and global trade dynamics.

The overall economic effect of President Trump's 2025 tariffs remains unclear

Researchers from UCLA and Yale found that tariff revenue and gains to US producers largely offset importers' costs—but the broader picture is murkier, as the trade deficit rose, manufacturing jobs declined, and 90% of tariff costs were passed through to importers rather than absorbed by foreign exporters.

Trump's 2025 tariffs represent a significant break from the rules-based trade order

The Trump administration imposed broad tariffs on other countries outside WTO rules in 2025, claiming that those countries had long violated trade agreements and that the US was simply leveling the playing field.

Auto and consumer goods companies absorbed billions in costs due to President Trump's 2025 tariffs.

President Trump's 2025 Tariffs added less inflationary pressure to the economy than expected in their first year

A year after the so-called "Liberation Day" in April 2025, tariffs have had a milder effect on inflation than feared—core goods prices have added only about 0.2% to the headline Consumer Price Index—but persistent policy uncertainty has rattled small business owners, who say the constant back-and-forth makes long-term planning difficult.

Revenue from tariffs goes to the US Treasury's general fund.

Tariffs are taxes levied on goods imported from abroad.

An economic evaluation of US tariffs

Most economists agree that the implementation of large-scale tariffs on foreign goods would hurt both the American and global economies. This video from The Wall Street Journal explains the rationale for tariffs as a tool for domestic job creation, but explains why they may hurt the overall economy.

Policymakers make complex trade-offs when considering tariffs—while they can generate government revenue and encourage the consumption of locally produced goods, they can also lead to higher consumer prices and may negatively impact economic growth.

Tariffs are typically paid by the importing company or organization to the US Treasury.

A trade war is an economic conflict where nations impose tariffs or other trade barriers on each other in retaliation for similar actions.

The US national debt is over $31T

The US national debt is at its highest level ever. Learn how the national debt grew to that level and what it means for US economic growth with charts and simple explanations.

Listen to a podcast episode that outlines 250 years of world trade history.

Despite the Supreme Court ruling that President Donald Trump's 2025 tariffs were unconstitutional, billions of dollars in refunds remain unresolved

Over 2,000 lawsuits seeking refunds have been filed by major companies, including FedEx and Costco, but CBP says its systems can't handle the volume. Interest on unpaid refunds is accruing at an estimated $650M per month.

The history of tariffs stretches back to ancient Rome and Greece, where taxes were levied on imported grain and textiles to control trade.

Global trade volume is roughly 45 times what it was when the General Agreement on Tariffs and Trade was founded

Since 1950, world trade values have grown nearly 410 times, mainly due to the successive tariff reductions negotiated under GATT and the WTO.

The US dollar has served as the world's reserve currency for 80 years—but is its dominance coming to an end?

Since the establishment of the Bretton Woods economic system, about 90% of global foreign exchange transactions have involved USD. Although no viable alternative exists yet, the dollar's share of central bank reserves has decreased from 73% to 58% from 2001 to 2024, and President Trump's 2025 tariffs have sped up this trend.

The Smoot-Hawley Tariff Act—which was passed during the Great Depression with the goal of reviving domestic industry—is among the most famous pieces of economic legislation in US history.

Individual income taxes are the federal government's primary revenue source, see a tracker that breaks down where the rest of the budget comes from

The US government historically makes nearly half of its total revenue last year from individual income taxes. But the US makes also makes money from a variety of other sources, including Medicare taxes and corporate income taxes. However, the federal government has run a deficit since 2001—reaching a peak of $3.13T in 2020.

Tax policy can have a direct impact on the national debt, with past presidents' changes to tax codes inflating the deficit.

US holiday retail sales reached $973B in 2024

In 2024, US holiday retail sales reached $973B—nearly one-fifth of annual sales. Many companies depend on this season to bolster revenues.

The Supreme Court ruled in February 2026 that Trump's emergency tariff powers didn't extend to imposing tariffs

In a 6-3 decision, the court held that the International Emergency Economic Powers Act—a 1977 law granting the president authority to regulate commerce during national emergencies—does not authorise the president to unilaterally impose tariffs, a power the Constitution reserves to Congress.

Since 1913, Americans have paid income taxes at varying rates

In the 2020s, the top marginal tax rate has floated around 37%, relatively lower than previous eras. Some have called for boosting the rate significantly to tax the highest earners.

In 2025, the US national debt per person was $113K.

Ranking the world’s economies: 1980 vs. 2025

The US remains the world’s largest economy, having increased its annual gross domestic product from $2.9T in 1980 to $30.6T in 2025. In 1980, China ranked seventh globally with a GDP of $304B. In 2025, China ranked second with a GDP of $19.4T.

How do tariffs work?

This brief animated video from Time walks through a simple example of a tariff on a single good, illustrating how this would affect the market for the good—both domestically and abroad—and who would eventually bear the cost of the tariff.

Understanding the low corporate tax rate in the US

Corporate taxes, which make up roughly a third of the federal government's revenue, have been calculated using a flat 21% rate since the Tax Cuts & Jobs Act of 2017. The current rate is considered low both by historic standards (it averaged over 50% in the 1950s and 1960s) and compared to other countries.

Behind the scenes on tariff politics

Economist Gene Grossman joined the Trade Talks Podcast to discuss why tariffs really happen. The episode digs into how voters, politicians, lobbyists, and even campaign cash can affect when protectionist trade policies are put forward. Produced in 2019, the podcast also discusses how populist trade policies and identity politics accounted for Donald Trump’s victory in the 2016 Presidential election.

The current federal budget, deficit, and debt, in charts

The US Treasury regularly publishes updated data on the federal budget, and this site hosts visualizations of that data. See reports on spending, revenues, deficits, and where the national debt stands.

The General Agreement on Tariffs and Trade and its successor, the WTO, was formed to reduce trade barriers between nations.

In 2025, the US credit rating was downgraded over concerns about the debt-to-GDP ratio.

Key moments that shaped the national debt include the Civil War, both World Wars, the 2008 recession, and the COVID-19 pandemic.

See a chart showing how much the US federal government pays in interest on its debt.

Charting where federal revenue comes from

About 50 percent of federal revenue comes from individual income taxes, 7 percent from corporate income taxes, and another 36 percent from payroll taxes that fund social insurance programs. See breakdown in charts here.