President Donald Trump on Monday touted a "beautiful" surge in tariff revenues on imported goods, crediting his administration's trade policies for a flood of cash into the U.S. economy.
"We're finding hundreds of billions of dollars of cash is pouring into our country now because of tariffs," Trump said during a White House press briefing. "It's so beautiful to see it," Trump said of the record tariff revenues figures, pointing to a $25 billion spike in excess funds as evidence of their success.
"They found last month, as you saw, $25 billion of excess cash flow. They say, where did it come from? I said, I'll tell you where it came from. It came from a place called tariffs," he said, adding that the U.S. economy is benefiting from tariffs. "We're doing very well. We're really doing well," Trump said.
The revelation follows the implementation of Trump’s sweeping tariffs on imported goods – duties paid by U.S. businesses to the federal government but often passed on to consumers through higher prices.
A monthly tally of U.S. tariff revenues. (U.S. Treasury/Fox News / Fox News)
Tariff revenues rose steadily from $17.4 billion in April to $23.9 billion in May, before climbing to $29 billion in June.
In July, the U.S. collected over $29 billion in tariff revenues, the highest monthly total so far this year. According to the Treasury Department’s latest "Customs and Certain Excise Taxes" data, released on Aug. 7, total tariff revenues have reached $154 billion.
Trump's tariffs took effect on Aug. 7, six days later than the original Aug. 1 deadline, to give U.S. Customs and Border Protection more time to prepare for duty collection.