U.S. Steel and Aluminum Tariff Revenues Topped $1.4 Billion
The estimates released by the Congressional Research Service suggests that the U.S. collected more than $1.4 billion from levies on steel and aluminum imports into the country in less than five months. Based on previous year export levels, the full year collection is expected to exceed $9 billion in 2018. The report prepared for the Congress members notes that tariff revenues were significantly impacted due to subsequent exclusion of certain countries by the Commerce Department.
According to estimates, the U.S. Customs and Border Patrol collected $1.1 billion in revenues from levies on steel imports between the period from March 23 and July 16. The revenue from aluminum tariffs was estimated at $344.2 million during this period. The recent move to hike tariff rates on certain countries such as Turkey is likely to further boost the collections. Based on the previous year import levels, the collection from steel tariffs is likely to total around $7.5 billion in 2018. The figure could reach $1.7 billion for aluminum imports.
