Trump's new tariffs could bring $684 billion to US Treasury

The United States has introduced "reciprocal" tariffs on imports from 185 countries, where goods worth $2.3 trillion were shipped to the American market last year. If trade volumes remain consistent, the U.S. government could potentially receive nearly $684 billion in tariff revenue.

This information was reported by Russian media, citing data from the U.S. Bureau of Economic Analysis, per Caliber.Az.

On April 2, U.S. President Donald Trump signed an executive order imposing these "reciprocal" tariffs on imports from other countries. The base minimum tariff rate will be set at 10%, with most nations facing higher rates. According to the Office of the U.S. Trade Representative, these elevated tariffs were calculated based on the trade deficit between the U.S. and each specific country. The goal is to shift from a trade deficit to a more balanced trade relationship.

The highest revenue the U.S. government expects to generate will come from imports of Chinese goods. With the addition of a new 34% tariff on top of the previous 20%, the total revenue from Chinese importers could amount to approximately $237 billion annually.

Next in line are goods from the European Union, which will contribute nearly half of the revenue from China, totaling $121.2 billion. The most impacted will be companies importing German goods ($32 billion), Irish goods ($20.7 billion), and Italian goods ($15.3 billion).

Imports from Vietnam will result in slightly less revenue, with tariffs totaling $62.8 billion. Importers from Taiwan, Japan, and South Korea will also contribute significant amounts, with tariffs of $37.2 billion, $35.6 billion, and $32.9 billion, respectively.

Imports from Thailand and India will generate over $20 billion in tariffs. For Switzerland and Malaysia, the tariffs will range from $10 billion to $20 billion. Other countries, including Indonesia ($9 billion), the United Kingdom ($6.8 billion), and Cambodia ($6.2 billion), will face lower but still significant costs. Finally, importers of goods from various other countries will face tariffs of less than $5 billion.

These changes come as part of the broader trade policy aimed at balancing the U.S. trade deficit and generating significant revenue for the country's budget.