Tariff revenues hit record $34.2 billion in October as Supreme Court weighs Trump’s unilateral trade powers

WASHINGTON — U.S. tariff collections soared to a monthly record of $34.2 billion in October, Treasury Department data showed, as the White House awaits a Supreme Court decision that could determine whether President Donald Trump can continue imposing sweeping import duties without explicit congressional approval.

Total tariff revenue reached $215.2 billion in fiscal year 2025, which ended Sept. 30, and has climbed to $41.6 billion in the first month of fiscal 2026, according to the Treasury’s latest Customs and Certain Excise Taxes report.

The surge began after Trump announced his “Liberation Day” tariffs in April, with collections rising from $23.9 billion in May to $28 billion in June, $29 billion in July and a combined $62.6 billion in August and September.

Although U.S. businesses pay the duties, many have passed the costs on to consumers through higher prices. Facing growing concerns about affordability, the administration has begun lifting some tariffs to ease pressure on households.

Trump has made tariffs a cornerstone of his second-term economic strategy, arguing they are needed to counter decades of unfair trade practices. He has pledged to use a portion of the revenue to fund a proposed one-time $2,000 “dividend” payment to low- and middle-income Americans beginning next year.

U.S. Trade Representative Jamieson Greer said Sunday the payments would not fuel inflation, describing them as targeted relief rather than an ongoing program.

The Supreme Court is reviewing challenges to the president’s authority to impose broad tariffs unilaterally, a case that could reshape executive power over trade policy. A ruling is expected in the coming months.