Industry News

$50.5 Billion in Revenue Collected from Trade Remedies

 

According to Trade Statistics, Customs and Border Protection (CBP) has collected over $50.5 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 and EU 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 – $ 169 Million
  • Section 201 Solar Panels – $1.2 Billion
  • Section 232 Aluminum – $1.9 Billion
  • Section 232 Steel – $6.5 Billion
  • Section 301 China – $40.4 Billion
  • Section 301 EU – $167 Million

Import duties are an important source of revenue for the Federal Government. Total duties, taxes and fees, including the Trade Remedies, collected in the 2019 fiscal year totaled $73.5 Billion; about a 68.6% increase over 2018. Customs Duty Refunds totaled $2.7 Billion.  Import duties collected in 2019 accounted for 2% of total government revenue.

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