Figure 1

Higher US tariff revenue has little correlation with lower import volume

Percent change in tariff revenue compared to percent change in import volume, 2025 vs. 2024, April–July

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Notes: Only Harmonized Tariff Schedule (HTS) groups with import value greater than $10 billion in April–July 2025 are shown. Categories follow the HTS of the United States International Trade Commission (USITC).

Source: USITC DataWeb. US Bureau of Labor Statistics.Download image