“We're taking in trillions of dollars. ... Trillions of dollars in tariff revenue have come in.”
Treasury data put tariff collections in the hundreds of billions of dollars, not trillions. Net customs revenue was $264 billion in 2025, compared with $79 billion in 2024. After the Supreme Court struck down the IEEPA tariffs on February 20, 2026, refunds began in May 2026, reducing net collections for 2026 to $77 billion through August.
The larger figures in circulation are projections: estimates of about $2 trillion in gross collections cover about a decade, not money already received. In November 2025 the president himself described the revenue as "hundreds of billions of dollars."
- Roll Call Factbase, Speech: Donald Trump Addresses the RNC Midterm Convention in Dallas (Sept. 9, 2026)
- U.S. Treasury, Monthly Treasury Statement Table 4, Receipts of the U.S. Government (Customs Duties line), via the Fiscal Data API
- Bipartisan Policy Center, How Much Are U.S. Tariffs Raising in Revenue?
- Tax Foundation, Tracking the Impact of the Trump Tariffs & Trade War
- PolitiFact: Trump's claim that tariffs are helping slash the deficit by more than 25% (Nov. 14, 2025)
Sources verified: July 4, 2026
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