BREAKING: US tariff revenue surged +234% YoY in 2025, to a record $264 billion, up +$185 billion compared to 2024. In December alone, tariff revenue jumped +$21 billion or +300%, to $28 billion. This followed $31 billion recorded in November and October. In the 2nd half of 2025, tariff revenue averaged $30 billion. At this pace, tariff revenue will rise to $360 billion in 2026, up another +36% YoY. Tariff revenue is surging at an unprecedented rate.

The real test is what happens to the prices Americans are paying at checkout and whether domestic manufacturing actually comes back. Because tariffs are just taxes that importers pay upfront. The question is whether they eat the cost, pass it to consumers, or whether it actually makes American-made stuff competitive again.

tariffs are largely paid by American consumers and businesses.