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Fortune

Sasha Rogelberg

For the first time since Trump’s tariffs rollout, import tax revenue has fallen, threatening his lofty plans to slash the $38 trillion national debt

Donald Trump United States Pantheon

Donald Trump, sitting in the Roosevelt Room, looks forward and frowns. (Credit: ANDREW CABALLERO-REYNOLDS / AFP—Getty Images)

Tariff revenue fell month-over-month for the first time since President Donald Trump imposed his vast import taxes in April, fresh government data shows.

According to the Treasury Department’s monthly statement released on Wednesday, the government collected $30.75 billion in customs duties in November, down from $31.35 billion collected in October. In April, following the announcement of sweeping “Liberation Day” levies, tariff revenue catapulted to about $15.6 billion, and had been increasing every month, peaking in October.

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