Supply Chain Research

U.S. Treasury income from tariffs climbed by 4.4% year over year in January to reach $6.92 billion. A widening of the tariff base on imports from China was the main reason, with the total income from tariffs on China applied since July 2018 having reached $4.09 billion in January. The Trump administration’s 2020/21 budget document anticipates a 41.3% drop in customs duty income in the 2021/22 fiscal year compared to the current year. That would indicate a drop in tariff coverage or rates is included in the forecast. Most tariffs remain in place under the phase 1 trade deal with a trimmin...