The Penn Wharton Budget Model estimated that all U.S. tariffs brought in approximately $225 billion in revenue in 2025, with roughly $140 billion of that attributed to emergency tariff orders.
January 01, 2025
high
statistical
Estimate of tariff revenue in 2025 from a fiscal-policy model.
The Committee for a Responsible Budget estimated in 2025 that $2,000-per-person tariff stimulus checks would cost about $600 billion, an amount the Committee described as roughly twice the annual tariff revenue estimated by the Penn Wharton Budget Model for 2025.
January 01, 2025
high
statistical
Cost estimate for proposed tariff-funded stimulus checks relative to estimated tariff revenue.
Ken Smetters, faculty director of the Penn Wharton Budget Model, stated that tariffs are being used primarily as a source of government revenue for the first time in the post–World War II era.
January 01, 2025
high
qualitative
Expert characterization of recent U.S. tariff policy relative to historical practice.