The United States collected $317.8 billion in tariffs between October 2025 and September 2026 but refunded $144.6 billion to importers. Net revenue fell 11% from a year earlier to $173.2 billion, according to US Treasury data analysed by the Peterson Institute for International Economics (PIIE).
Gross receipts rose by about 57%, but refunds absorbed 45.5% of that total. In June, refunds exceeded $49 billion, outstripping that month’s collections; the tariff balance was also negative in May and July. Refunds processed in 2026 may have related to duties collected in earlier periods.
Supreme Court ruling changed the tariff outlook
On 20 February 2026, the US Supreme Court challenged the use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs, a power used by President Donald Trump’s administration. The ruling undermined the legal basis for some tariffs but did not abolish all US import duties.
The Congressional Budget Office (CBO) had estimated that most of the $166 billion previously collected under IEEPA would be refunded in 2026. However, the Treasury’s $144.6 billion refund total cannot all be attributed to the ruling: its figures also include other customs adjustments.
In August, the CBO estimated that changes in tariff policy would increase cumulative federal deficits over 2027–2036 by about $900 billion relative to its February projection.
Tariffs accounted for 3.1% of projected federal revenue
Net tariff receipts amounted to 3.1% of projected US federal revenue of $5.6 trillion. In February, the CBO had still forecast about $418 billion in tariff revenue, but it cut that forecast by about $250 billion in August.
3.1% — net tariff receipts
96.9% — other revenue
Chinese goods faced four times the tariff rate on other imports
The average effective tariff rate on goods from China and Hong Kong was 30% in 2025. From January to July 2026, it stood at 24%, compared with 6% for imports from other countries. Chinese goods therefore faced an average tariff rate four times as high.
In January 2025, imports from China totalled $43 billion, with $4.5 billion in assessed duties, equivalent to 10.5% of the value of those shipments. In the same month, the United States imported $89 billion in consumer goods from all countries and collected $3.2 billion in duties on them, an effective rate of 3.6%.
Higher duties on sports equipment, school supplies and game consoles
The effective tariff rate on sports equipment rose from 5.6% at the end of 2024 to 27.7% at the end of 2025. From January to August 2026, it was 17.2%. For crayons and pencils, the rates for the same periods were 5%, 26.6% and 16.1%, respectively.
Musical instruments faced rates of 5.7%, 21.2% and 14.1%, respectively. Game consoles, which were duty-free at the end of 2024, faced an effective tariff rate of 19.7% a year later. Assessed duties on consoles totalled $508 million.
Importers pay US tariffs
Importers pay customs duties into the US Treasury, rather than foreign governments. Companies may pass some of the cost on to customers, accept lower margins or negotiate lower prices with suppliers.
Sources: Peterson Institute for International Economics (PIIE), US Treasury and Congressional Budget Office (CBO).
By Adam Ujazdowski. Polish original published on 8 November 2026 at 18:02 UTC. English adaptation published on 8 November 2026.
