President Donald Trump’s tariff policy is bringing it record revenues to the U.S. Treasury.
According to the department’s October monthly statement, published on Friday, net customs duties totaled $31.4 billion, surpassing all previous totals.
Gross customs receipts totaled $33.1 billion, offset by refunds of $1.7 billion.
Meanwhile, it is estimated that the U.S. has collected $320 billion in customs and excise duties this year, compared with $171 billion over the same period in 2024.
The surge reflects how the Trump administration is reshaping Washington’s finances, with tariffs quickly becoming one of America’s most important sources of revenue.
During a Thanksgiving call with US troops this week, Trump said the revenue could allow the US government to dramatically reduce or even eliminate federal income taxes for many Americans.
He also suggested that some of the money could be returned to ordinary Americans in the form of a dividend, and the rest of the money would be used for debt-reduction.
”We’re taking in hundreds of billions of dollars like we’ve never done before,” he was quoted as saying.
“Over the next couple of years, I think we’ll substantially be cutting and maybe cutting out income tax.”
JUST IN: In a blow to the “experts,” President Trump’s tariffs brought in a RECORD $33 BILLION in the month of October alone
And leftists are trying to zero that out, of course
Keep the money flowing! pic.twitter.com/QLWcG38c61
— Nick Sortor (@nicksortor) November 28, 2025
Back in April, Trump said Americans earning under $200,000 might see their income taxes slashed or even eliminated totally once the policy full effects.
The vast majority of nations are facing a baseline tariff of 10 percent, although the likes of China, Brazil, Canada and Mexico all facing considerably higher levies.
However, the future of these tariffs remains uncertain as Trump’s political opponents work constantly to undermine him.
Earlier this month, the Supreme Court began hearing arguments in a case challenging the president’s ability to impose tariffs using the International Emergency Economic Powers Act.
Trump has urged the high court to rule on the matter quickly, although it is not clear when an outcome will finally be reached.
“ Evil, American hating Forces are fighting us at the United States Supreme Court,” he wrote on Truth Social on Saturday.
”Pray to God that our Nine Justices will show great wisdom, and do the right thing for America!”
JUST IN: President Trump says “Evil, American hating Forces are fighting us at the United States Supreme Court” on tariffs pic.twitter.com/vPj94PtWLT
— Election Wizard (@ElectionWiz) November 29, 2025
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