Overview
- Tariff collections continue while the justices review the administration’s authority, with early Supreme Court arguments signaling skepticism toward the emergency-based approach.
- Treasury data show more than $236 billion collected through November, a notable sum that remains a small share of federal revenue and falls short of replacing income taxes or funding dividend checks floated by the president.
- Trade flows shifted sharply as U.S. duties on Chinese goods reached about 47.5% and imports from China fell nearly 25%, with gains in shipments from Mexico, Vietnam and Taiwan.
- The year featured sweeping actions including a briefly applied 10% blanket tariff, 25% auto tariffs, steel and aluminum raised to 50%, new 50% rates on many goods from Brazil and India and on most imported copper, and the end of duty-free de minimis shipments.
- Policy adjustments tempered some price pressures through targeted rollbacks and exemptions on foods such as beef, fruit, bananas and coffee, while tariffs on Canada rose to 35% and new sector levies like 25% on kitchen cabinets and furniture took effect after market whipsaws in April.