In less than five months, the U.S. has apparently netted a significant amount of revenue from its tariffs on aluminum and steel imports. The Trump administration has allegedly collected over $1.4 billion through its sanctions.
The Congressional Research Service has stated that the U.S. has garnered $1.1 billion in steel tariffs and $344.2 in aluminum tariffs between March 23 and July 16. Although negotiations have started to ease sanctions against European countries and exports, the Trump administration is still fully willing to increase pressure on Chinese products. The U.S. recently added yet more Chinese products to the list of affected exports. According to CRS, these new tariffs could increase revenue by $7.5 billion on steel and $1.7 billion on aluminum.
President Trump has addressed this subject over the last few of weeks, as he tweeted:
Because of Tariffs we will be able to start paying down large amounts of the $21 Trillion in debt that has been accumulated, much by the Obama Administration, while at the same time reducing taxes for our people. At minimum, we will make much better Trade Deals for our country!”
U.S. Treasury Secretary Steven Mnuchin has not stated exact figures to the extent that Trump has. He argues that the objective of imposing the tariffs is not to make money but is to create “fair and reciprocal” trade.
As negotiations to ease tariffs continue, the CRS expects the recent revenue to decrease in the near future. This is also influenced by the fact that the department has accepted some exclusion requests, which exempt some products from tariffs.
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