Tariff revenue declined month-over-month for the first time since President Donald Trump imposed import taxes in April, according to Treasury Department data released on Wednesday.
The government collected $30.75 billion in customs duties in November, down from $31.35 billion in October.
Revenue Peaks Then Falls
Tariff collections rose to $15.6 billion in April after Trump’s “Liberation Day” taxes and kept increasing each month through October.
The November decline comes after the administration rolled back tariffs on grocery staples like bananas and coffee, as Trump navigates the ongoing cost-of-living crisis worsened by tariffs.
Total government receipts reached $740.373 billion through the first two months of fiscal 2026, up from $628.525 billion in the prior-year period. Individual income taxes contributed $363.911 billion while corporation income taxes added $22.237 billion, according to the Treasury’s monthly statement.
See Also: Trump Says Next Federal Reserve Chair Likely Warsh Or Hassett: ‘I Think The Two Kevins Are Great’
Tariff Revenue Plans For Debt, Rebates
Earlier, Trump proposed using tariff revenue to reduce the national debt, which surpassed $38 trillion in October.
Trump said tariff revenue would be high enough to attack the U.S.’s debt and fund $2,000 rebate checks to Americans.
Trump also announced a $12 billion farm aid package for tariff-hit farmers, funding it partly with tariff revenue.
Kevin Hassett, director of the National Economic Council and a leading candidate for Federal Reserve chair, said earlier this month that “a lot of the revenue coming into the Treasury” comes from tariffs, which could eventually help reduce the U.S. debt.
Trump stated during a December cabinet meeting, “We’re going to be giving back refunds out of the tariffs because we’ve taken in literally trillions of dollars, and we’re going to be giving a nice dividend to the people, in addition to reducing debt.”
CBO Cuts Debt Reduction Forecast By $800 Billion
According to estimates from the Congressional Budget Office, Trump’s tariff reductions on groceries, China, and the EU duties eliminated roughly $800 billion in anticipated debt reduction over the next ten years.
Later, after the estimated tariff rate dropped from 20.5% in August to 16.5%, the agency updated its projections.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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