$33.3 Billion in Revenue Collected from Trade Remedies
Margaret Lange | M.E. Dey & Co.
According to Trade Statistics, Customs and Border Protection (CBP) has collected over $33 Billion in additional tariffs on imports of Steel and Aluminum subject to Section 232 of the Trade Expansion Act of 1962; imports of Washing Machines, Parts and Solar Panels subject to Section 201 and Chinese goods subject to Section 301 of the Trade Act of 1974. These additional duties are assessed and collected at the time goods are entered into the United States.
- Section 201 – Washing Machines and Parts – $ 166 Million
- Section 201 – Solar Panels – $796 Million
- Section 232 – Aluminum – $1.9 Billion
- Section 232 – Steel – $6 Billion
- Section 301 – China – $24 Billion
Import duties are an important source of revenue for the Federal Government. Total duties, including the Trade Remedies, collected in 2018 totaled $41.6 Billion; about a 20% increase over 2017. Import duties collected in 2018 accounted for 1% of total government revenue.