Report: U.S. reaps $1.4 billion from aluminum, steel tariffs
Friday, August 17, 2018
According to a recent report prepared for members of Congress, the Trump administration has collected $1.4 billion in new revenue from aluminum and steel tariffs between March 23 and July 16.
Those earnings are on the rise as trade negotiations with allies linger on and President Donald Trump moves to hike tariff rates on countries like Turkey. CRS says the new tariffs could reap the U.S. some $7.5 billion — $5.8 billion on steel and $1.7 billion on aluminum – based on last year's import levels. In 2017, the U.S. imported $29 billion worth of steel products covered the tariffs and $17.4 billion worth of aluminum.
"Because of Tariffs we will be able to start paying down large amounts of the $21 Trillion in debt that has been accumulated," Trump tweeted on Aug. 5. "At minimum, we will make much better Trade Deals for our country!"
When asked about the revenue generated by tariffs on CNBC's "Squawk Box," Treasury Secretary Steven Mnuchin, demurred saying: "We're early in the stages, so I'm not going to give specific numbers … our long-term objective is not to collect tariffs. Our longer-term objective is to have free and fair and reciprocal trade."