Overview
- Treasury data show customs duties fell to $30.75 billion in November from $31.35 billion in October, the first month-over-month decline since the April rollout.
- Analysts point to mid-November rollbacks on coffee, bananas and beef as well as weaker import volumes as key drivers of the dip.
- Democrats on the Joint Economic Committee estimate consumers paid about $159 billion from February through November, or $1,198 per household, with 2026 costs projected near $2,100 if current rates hold.
- The effective U.S. tariff rate has climbed to roughly 16.8%, the highest since 1935, and economists say the levies function as a tax that raises prices for households and businesses.
- A Supreme Court ruling curbing the use of IEEPA could require refunds of up to about $168 billion, and receipts remain far below claims of “trillions,” complicating plans for $2,000 rebates, debt reduction and a $12 billion farm aid package.