①In February this year, U.S. tariff revenue amounted to $26.59 billion, marking another decline from the previous month; ②The main reason was that the U.S. Supreme Court had previously overturned most of the tariff measures imposed by President Trump.
Cailian Press, March 12 (edited by Xia Junxiong) In February this year, U.S. tariff revenue amounted to $26.59 billion, marking another decline from the previous month. The main reason was that the U.S. Supreme Court had previously overturned most of the tariff measures imposed by President Trump.
According to the U.S. Treasury Department's February monthly fiscal report released on Wednesday, U.S. tariff revenue in January was $27.74 billion.
The report also showed that in the first five months of the current fiscal year (from October last year to February this year), the overall fiscal deficit of the United States has exceeded $1 trillion.
Data shows that since Trump reduced some key tariffs in November last year, tariff revenue has declined for four consecutive months. Monthly tariff revenue peaked in October last year at $31.35 billion.
On February 20, the U.S. Supreme Court ruled that the so-called 'reciprocal tariffs' implemented by Trump last year under the 1977 International Emergency Economic Powers Act (IEEPA) were unconstitutional.
Trump subsequently acted swiftly, invoking another legal basis — Section 122 of the 1974 Trade Act — to announce a 10% tariff on global goods for a period of 150 days to replace the overturned tariffs. He also threatened to raise the tariff rate to 15%, but it has not been implemented yet.
Meanwhile, the White House is pushing to implement new permanent tariffs through other legal means after the aforementioned tariffs expire.
The report shows that the U.S. government’s fiscal deficit remains substantial. The deficit for February alone reached $308 billion, far exceeding the tariff revenue for that month.
This contrasts with Trump's frequent claim that 'tariffs can balance the budget.'
Tariff revenue for the current fiscal year to date totals approximately $144 billion.
Uncertainty remains regarding tariff refunds.
The final scale of tariff revenue remains uncertain as many companies are seeking refunds through litigation for tariffs previously imposed under IEEPA. The Supreme Court’s ruling did not clarify whether refunds are mandatory.
The U.S. Court of International Trade recently ruled that the government must refund all illegally collected tariffs. However, the Trump administration has been slow to act. Since Trump returned to the White House, approximately $166 billion in tariff revenue collected under IEEPA remains in limbo.
The latest data also shows that since Trump began rolling back some tariffs, particularly on groceries, tariff revenue has fallen by more than 15% from its peak in October last year, when there were concerns that tariffs would drive up prices.
It is worth noting that the impact of tariff policies on the U.S. trade deficit remains limited. The U.S. trade deficit widened significantly in December last year.
Moreover, during the first year of Trump's second term, the total annual trade deficit of the United States has hardly changed.
Data from the Bureau of Economic Analysis at the U.S. Department of Commerce shows that the U.S. goods and services trade deficit was $901.5 billion in 2025, compared to $903.5 billion in 2024 (the final year of Biden's term), showing no significant change.
Editor/Stephen
