Overview
- Tariff collections reached more than $236 billion through November, with the effective U.S. tariff rate near 17% in November, the highest since 1935, according to government and Yale Budget Lab data.
- The administration imposed sweeping duties on nearly all trading partners alongside sector moves such as a 25% auto tariff and later trimmed or paused some levies, including rollbacks on select foods.
- Trade flows shifted as imports from China fell nearly 25% in the first three quarters and average duties on Chinese goods rose to about 47.5%, while imports from Mexico, Vietnam, and Taiwan increased.
- Federal courts curbed parts of the program before appeals allowed collections to continue, and justices signaled skepticism in initial arguments as a landmark case over the use of IEEPA proceeds.
- CBP highlighted intensified enforcement and evasion crackdowns and reported a separate $200 billion haul from late January to mid-December, as additional tariffs on dozens of countries and the EU took effect over the summer.