How Much Revenue Has Been Raised by Tariffs So Far?

According to daily U.S. Treasury data, tariff revenues rose rapidly in 2025. For the full (calendar) year, the U.S. Department of Homeland Security collected $287 billion in customs duties, taxes and fees, up 192 percent versus the prior year. Roughly a third of that amount ($97.5 billion) was collected in the fourth quarter alone, which was an increase of 5.2 percent compared to the previous quarter and 281 percent compared to the fourth quarter of 2024.

When expressed as a share of goods imports, these revenues are a measure of the average tariff on imports, or the average effective tariff rate (AETR). In October 2025 — the most recent period for which data on imports is available from the Census Bureau — the customs value of goods imports fell to $274 billion compared to $289 billion a year ago, a 5.1 percent year-over-year decline. This yields an AETR of 11.4 percent, which is the highest mark since 1943, as seen in Figure 2 below.

Tariff rates could stabilize over the coming year. Figure 3 below shows that AETRs for several major U.S. trading partners have stabilized or even decreased in the months leading up to October.

One exception is Vietnam, where the AETR continues to rise sharply: Imports from Vietnam made up 6.3 percent of total goods imports in the third quarter of 2025, up from 4.5 percent the previous year and suggesting that it is an increasingly important trading partner for the United States. However, October saw a slower increase in tariffs on Vietnamese imports compared to prior months in 2025.

Greater certainty regarding tariff and trade policy could prove to be a supporting factor for economic activity in 2026.

Views expressed in this article are those of the author and not necessarily those of the Federal Reserve Bank of Richmond or the Federal Reserve System.