Tariff revenue falls for the first time since Trump rollout

Tariff receipts declined in November, the first monthly drop since President Donald Trump rolled out his sweeping global tariff program.

For the first time since President Donald Trump rolled out his sweeping global tariff program in April, month-over-month customs receipts declined in November.

Last month, the U.S. government collected $30.75 billion in import duties. This was down from $31.35 billion collected in October.

Over the last few months, the monthly increase in tariff money collected by customs has slowed, but November’s total was the first month that collections were lower than the previous month.

Trump rolled out his tariffs in early April, on what he called “Liberation Day.” That month, collected import duties surged to $15.6 billion. These revenues have steadily climbed over the course of the year, but in recent months they have stopped rising as fast as they did in the early months of the tariff regime.

In August and September, net tariff revenues were a little more than $29 billion per month. They reached their peak of the year in October.