Astonishing figures show just how much money America is making from Trump's new tariffs
The US raked in an astonishing $37.8 billion from import duties in April and May as Donald Trump's tariffs began to kick in.
The staggering figures show the real cost for businesses, but the real benefits to the Treasury's coffers.
The government raked in $15.6 billion in April, before leaping 42 percent to $22.2 billion in May, according to Treasury data.
The duties collected in May accounted for 6 percent of the government's total income for the month.
Although the figures are an all-time high for imports, it is still below what Trump has previously claimed the US is making as a result of his tariffs.
Historically most import duties have been generated from taxing goods from China, but Chinese imports have dropped dramatically since Trump implemented a series of punitive tariffs.
In April the US imported just $24 billion-worth of goods from China, the lowest number since 2010 other than the early months of the Covid-19 pandemic.
So far this year the US has collected $22.5 billion from duties on Chinese imports.
Imports from Canada and Mexico also declined in April, along with almost every other country.
As a result of increased tariffs, Customs and Border Protection has ramped up its enforcement policies this year.
The agency recently reported an extra $23 billion was collected after a compliance review.
Trump announced the first series of his tariffs on April 2, dubbed 'Liberation Day'.
The new trade policies saw stock markets plunge and chaos in the bond market.
The White House later reneged on most of the tariffs pending trade talks with individual countries.
Most trading partners are now subject to a 10 percent levy, while China is currently at 55 percent following trade talks.
Other notable levies include a 25 percent duty on imported car parts that has seen major automakers raise prices and move operations to US plants.
Foreign imports have dropped dramatically as businesses look to avoid paying the duties
New cars are costing consumer's more, even if the sticker price remains the same
Walmart has been among the most high profile retailers that has announced price rises in direct response to tariffs.
Subaru said that Americans will see price increases between $750 and $2,055 on new cars starting this month.
The increases were made in response to 'current market conditions,' Subaru said in a statement.
'The changes were made to offset increased costs while maintaining a solid value proposition for the customer,' the company added.
Ford also announced price hikes as a result of tariffs, which DailyMail.com analysis calculates will add roughly $480 onto the price of each new vehicle.
General Motors said it expects to pay between $4 billion and $5 billion annually if tariffs remain at their current levels.
It comes as some experts are warning that Trump's tariff policies are posing a threat to the revival of US manufacturing.
A push for a 'Made in America' renaissance has been a key priority for the White House, with particular focus on the American Rust Belt.
But companies are warning how turmoil and confusion around Trump's trade wars is slowing the progress made in reinvigorating American factories.
The latest jobs report revealed that manufacturing jobs declined by 8,000 last month — the most this year so far.
Anxiety is high in the Midwest, which remains home to the largest concentration of US manufacturing jobs — despite losing tens of thousands of workers to offshoring in the early 2000s.
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Economist
34 minutes ago
- Economist
The American attacks allow Netanyahu to end the wars with Iran and in Gaza, says his predecessor
THE AMERICAN attacks on Iran's three nuclear sites mark a dramatic escalation in the conflict that began on June 13th with the Israeli assault on Iran. President Donald Trump, in his characteristically unpredictable fashion, resolved to undertake an action he had eschewed for years, both during his first term in office and in recent months, despite making repeated threats against Iran.
The Guardian
an hour ago
- The Guardian
How the carefully planned US bombing of Iran's nuclear facilities unfolded
Late on Friday night, eight US B-2 bombers took off from Whiteman air force base in Missouri and turned westwards towards the Pacific. Amateur flight trackers plotted their progress on social media as the black flying-wing warplanes joined up mid-air with refuelling tankers and checked in with air traffic controllers once they had reached the open ocean. The movement of the B-2 bombers towards the US Pacific base on Guam triggered speculation that Donald Trump was arranging pieces on the board before a decision on whether to join Israel in bombing Iranian nuclear facilities. On Thursday, Trump had let it be known that he would make that decision over the following two weeks, suggesting a window remained open for some last-ditch diplomatic alternative to war. He angrily denied a Wall Street Journal report that he had already approved a strike plan. The British, French and German foreign ministers seized the opportunity to meet their Iranian counterpart, Abbas Araghchi, for talks in Geneva on Friday but to little or no avail. Trump himself was characteristically dismissive of European efforts. 'Nah, they didn't help,' he told journalists. We know now that and the B-2 flights over the Pacific were part of the same elaborate ruse to ensure Iran was off its guard and looking the wrong way, and that the president's declared two-week diplomatic window was likely to be part of the same ploy. The Pentagon described the eight bombers that were spotted flying west as a decoy, a deception effort known only to an extremely small number of planners and leaders in Washington and at central command headquarters in Tampa, Florida. As they were tracked across the western states and then the Pacific, another seven B-2s took off from Whiteman base and headed in the opposite direction – eastwards. These seven planes made no communications with each other or with the ground as they crossed America and flew unnoticed over the Atlantic. The planes and their two-pilot crews flew all day and into Saturday night, refuelled mid-air along the way by tankers that had been deployed to Europe over the previous week. The careful orchestration and prepositioning, some of it predating the Israeli surprise attack on Iran on 13 June, raises questions over how early Trump and Benjamin Netanyahu decided to join forces to go to war against Iran, and over how much of the US president's professed interest in a diplomatic solution, and apparent effort to discourage an Israeli attack, was all part of the charade. As far back as May, during a visit to Doha, Trump went out of his way to denigrate the B-2's design, declaring 'I'm not a huge believer in stealth', because it made for an 'ugly plane'. By the time the flight of seven of these ugly planes arrived in the Middle East at the eastern edge of the Mediterranean, it was midnight local time on Saturday. The mission they had been assigned was codenamed Midnight Hammer, and to carry it out the bombers were joined by an escort of US fighter jets, surveillance and reconnaissance planes deployed in the region earlier – 125 aircraft in all. Together they flew on eastwards, with hardly a word exchanged between the pilots, to maintain the all-enveloping secrecy surrounding the operation. At the same time as the warplanes reached the Lebanese coast, a US submarine loitering somewhere in the Arabian Sea launched Tomahawk cruise missiles, synchronised to reach their targets in Iran at the same time the bombers arrived. The Tomahawks flew low over the Gulf of Oman and up over south-east Iran as seven B-2s and their accompanying fighters crossed Lebanon, Syria and Iraq (according to a map provided by the Pentagon on Sunday) and entered Iran from the north-west at about 1.30am local time. The chair of the US joint chiefs of staff, Dan Caine, described the whole operation as 'a complex, tightly timed manoeuvre requiring exact synchronisation across multiple platforms in a narrow piece of airspace, all done with minimal communications'. The primary target was the farthest north, near the Shia religious centre of Qom, the underground enrichment facility at Fordow, generally thought impregnable to every conventional weapon with the possible exception of America's biggest bomb, the 30,000lb (13,500kg) GBU-57 Massive Ordnance Penetrator. The seven B-2s approaching from the north were each carrying two of them. The second target was Natanz, Iran's first enrichment facility, and the third was a complex of facilities outside the ancient city of Isfahan, which is linked to other parts of the nuclear fuel cycle, and which had already been partly damaged by Israeli bombing. Before the bombers arrived at these targets, according to Caine's account, their fighter escort swept the area for any sign of Iranian warplanes, released decoys and opened fire on air defence sites on the ground. Apparently, there was no return fire. The Pentagon was 'unaware of any shots fired at the US strike package'. Iran's defensive shield had been flattened over the preceding week by relentless Israeli sorties. The bombers struck between 2.10am and 2.35am Iranian time, the Pentagon said, hitting Fordow at 'several aim points'. It was the first time the enormous GBU-57 bunker-busting bomb had been used in a US operation. It is unclear how many of the total of 14 were dropped on Natanz or Isfahan. The Tomahawk missiles fired by the navy were all aimed at Isfahan, Caine said, and landed slightly after the other two facilities were struck. The US warplanes turned around and headed back the way they had come, leaving Iranian airspace at 3am. By that time, reports had surfaced on Iranian media of explosions in the region of the nuclear facilities, and a quarter hour later, Trump confirmed the operation in the way he has made most of his presidential announcements – on his private online platform, Truth Social, complete with key words in all-capitals. 'A full payload of BOMBS was dropped on the primary site, Fordow,' Trump wrote. 'All planes are safely on their way home. Congratulations to our great American Warriors. There is not another military in the World that could have done this. NOW IS THE TIME FOR PEACE!' Addressing the nation a little later on television, Trump said the targets had been 'totally and completely obliterated', a claim that was modified over the course of Sunday to 'severely damaged'. The president appealed once more for Iran to sue for peace, which he has made clear would involve a surrender of all its nuclear programme. The message was repeated by other members of the administration throughout the day. Midnight Hammer would be a one-off US intervention, as long as Iran did not try to fire back and complied with the terms laid down by him and Netanyahu. Any retaliation, Trump said, returning to all caps on Truth Social, would be met with 'FORCE FAR GREATER THAN WHAT WAS WITNESSED TONIGHT'. By the end of Sunday, however, there was no sign of compliance from Tehran. Araghchi, vowed that Midnight Hammer would have 'everlasting consequences' adding that Iran reserved the right to 'all options to defend its sovereignty, interest, and people'. Iran played down the impact of the US bombs, saying that the country's reserves of high-enriched uranium had been removed from Fordow long before, and all the damage inflicted could be repaired. On Sunday morning, Iran launched a new salvo of missiles at Israel, one of which flattened most of a city block in north Tel Aviv. By the end of the day, Iran's parliament had approved a bill calling for the closing of the strait of Hormuz, the gateway to the Persian Gulf, through which over a fifth of the world's oil needs flows daily. Iran's president, Masoud Pezeshkian, warned that the US must 'receive a response' to its attacks. Tehran has previously threatened to target US bases spread across eight countries in the region, if the US were to join the Israeli attacks. In reality, its military capabilities are constrained by the withering attacks of the past 10 days, but late on Sunday the regime was saying it would explore all its options, while making clear that submission was not one of them.
Sky News
an hour ago
- Sky News
Israel-Iran live: 'The game is not over', Khamenei aide warns - as US officials raise terror threat alert
18:40:12 US officials raise terror threat alert The Department of Homeland Security has warned of a "heightened threat environment" in the US following Donald Trump's strikes against Iran. The National Terrorism Advisory System's bulletin says "low-level cyber attacks" against US networks by "pro-Iranian hacktivists" are likely. It adds there is a heightened threat that "the ongoing Israel-Iran conflict could motivate violent extremists and hate crime perpetrators seeking to attack targets". 18:30:01 Analysis: Iraq has a delicate balancing act in the middle of this conflict By Stuart Ramsay, chief correspondent, in northern Iraq Iraq is no different to any other country in the region - anxiously waiting to see what happens next after America's multiple bomb strikes on Iran's nuclear facilities. Where it differs is that Iraq - caught bang in the middle of the war between Israel and Iran, and now the United States - has to juggle its relationships with both Tehran and Washington DC. The Shia Muslim dominated government of Iraq is close to Iran, and its influence on Iraq cannot be underestimated. Shia militia groups in Iraq, while nominally answering to Baghdad, take much of their guidance from Tehran, so their positions must be taken into consideration by the Iraqi government. At the same time, Iraq needs the US because it provides stability and support in the region, and the US military remains the most potent force in stopping terror organisations like Islamic State rejuvenating themselves. There are at least 2,500 American personnel stationed in Iraq, and the US has major interests here - as it does across the Middle East and Gulf states. That US presence itself poses problems - Iran has threatened to attack American interests and personnel across the region. 18:13:32 'The game is not over', Khamenei aide says A political advisor to Iran's supreme leader Ayatollah Ali Khamenei says the "game is not over" following US strikes on its nuclear sites. Ali Shamkhani said existing "enriched materials, local expertise and political will" all remain despite the physical damage done. He adds that the "operational initiative" is now in the "hands of the party that plays smart". 17:58:01 Iran warns of 'everlasting consequences' Despite international calls for Iran not to escalate the conflict in the Middle East, Tehran is furious following US strikes. Iran's foreign minister Abbas Araghchi warned that the US strikes "will have everlasting consequences" and that Tehran "reserves all options" to retaliate. Speaking today, he said the US and Israel had "blown up" any chance of nuclear negotiations and asked: "How can Iran return to something it never left, let alone blew up?" He's also called for condemnation of the attacks from the UN Security Council at an emergency meeting. Levels of retaliation Iran's Revolutionary Guard has already said it launched 40 missiles at Israel this morning, including its biggest ballistic missile, the Khorramshahr-4. Missile hits were reported at sites in northern and central Israel, including in Haifa, Ness Ziona, Rishon LeZion and Tel Aviv. The Iranian parliament is also moving to close the Strait of Hormuz, according to Iranian state-owned media. This move that would have global ramifications by disrupting the flow of large amounts of oil and gas, as well as other trade. Direct retaliation against the US could include attacks on US bases, warships and aircraft in the region, though Iran's ability to launch missiles and drones has been severely degraded by Israeli strikes over the last two weeks. 17:41:03 E3 leaders urge Iran not to 'destabilise the region' The leaders of the E3 group have urged Iran not to "destabilise the region" in its response to US strikes. Sir Keir Starmer, Germany's Friedrich Merz and France's Emmanuel Macron discussed the latest developments in the Middle East earlier today, according to a statement. "We call upon Iran to engage in negotiations leading to an agreement that addresses all concerns associated with its nuclear program," the leaders say. "We stand ready to contribute to that goal in coordination with all parties. We urge Iran not to take any further action that could destabilise the region." 17:25:01 What you need to know in five bullet points If you're just joining us, here's the story at a glance: The US joined Israel's conflict with Iran last night by bombing nuclear facilities at Fordow, Natanz and Isfahan; Donald Trump said the strikes were a "spectacular military success" and warned Iran further attacks would follow if it didn't now move towards peace; The UN's nuclear watchdog said it was unclear what damage had been done at Fordow, but the Natanz site was now "completely destroyed" and Isfahan suffered "very significant damage"; Iran has branded the attacks "outrageous" and "criminal", while its parliament has reportedly suggested closing the Strait of Hormuz in response; Israel has continued its strikes in Iran following the US attacks, targeting dozens of sites across the country. 17:08:32 Before and after images show impact of US strikes at Natanz and Isfahan Before and after satellite images of Iran's Isfahan and Natanz nuclear sites show the damage after US strikes. Earlier, the head of the UN's nuclear watchdog said the Natanz facility had been "completely destroyed", while its underground halls "suffered a lot" (see 16.15 post). Israeli strikes in the last two weeks had already damaged Iran's largest uranium enrichment centre there. As you can see below, US strikes have now completely reshaped the terrain at Natanz, leaving a giant crater over the site's underground facility. IAEA chief Rafael Grossi also said the Isfahan site had suffered "very significant damage". General Dan Caine, chairman of the US joint chiefs of staff, said a US submarine launched more than two dozen Tomahawk cruise missiles at the Isfahan site. The images below show the damage at the site today, with blackened scorch marks left in place where buildings stood yesterday. To see before and after comparisons of the third site struck by US bombers - Fordow - see our 14.10 post. 16:45:01 'Great unity' in Republican Party, Trump says Donald Trump has taken to Truth Social this evening to proclaim his Republican Party is united in a way "never seen before". The US president has received plenty of support from within his own party following his decision to strike Iran's nuclear facilities. But there has also been at least two GOP politicians suggesting it was unconstitutional for him to bomb Iran without approval from Congress. Ohio representative Warren Davidson said it was "hard to conceive a rationale" that the strikes were constitutional, while Kentucky representative Thomas Massie made similar comments. Some Democrats have called for Trump to be impeached over the unapproved military action. 16:30:01 IDF hits 'furthest target to date' in Iran The Israeli military says it's struck storage facilities deep into Iran containing its long-range Khorramshahr missiles. The air force said the attack was launched "in broad daylight" and was the "furthest target we've struck to date" in Iran. It said the storage facilities were located in the Yazd area of central Iran. "We destroyed Khorramshahr missiles before they were launched at Israel and struck tunnels used to store the missiles," the update says. 16:15:53 Underground damage at Fordow site unclear - but Natanz 'completely destroyed', watchdog says The head of the UN's nuclear watchdog says he doesn't know the extent of damage at Iran's Fordow nuclear facility after US strikes. "There are clear indications of impacts," International Atomic Energy Agency chief Rafael Grossi tells CNN, "but as for the assessment for the degree of damage underground, on this we cannot pronounce ourselves." "No one could tell you how much it has been damaged," he says, adding that because of observed changes in the shape of the sites, "one cannot exclude that there is significant damage there." Grossi says that the Natanz facility has been "completely destroyed," while its underground halls "suffered a lot" because of cuts to electricity as the result of Israeli attacks. The Isfahan site has also suffered "very significant damage," he adds. Grossi will convene an emergency meeting between the IAEA's governors tomorrow "in light of the urgent situation in Iran".
