The United States set a new record for tariff revenue in May, but businesses are suffering heavy losses.

In May, the US tariff revenue reached a record high of over $23 billion in a single month, while the US tariff policy has caused significant losses exceeding $34 billion to many companies. According to reports on May 30th, as of the end of May, the revenue from "Customs and Specific Consumption Taxes" in the US amounted to a record $23.28 billion in May, a significant increase from $17.431 billion in April, about three times the amount collected in May 2024. The accumulated tariff revenue in the US for 2025 has reached $68.23 billion, a 78% increase from the same period last year. On the same day, CCTV reported that a statistical analysis on 56 well-known companies from multiple countries showed that the US tariff policy has caused losses of over $34 billion to these companies. Yale University professor Solfeld stated that the actual losses borne by companies could be double or triple the disclosed value. The report pointed out that the peak of a $6.8 billion increase in revenue in April actually reflects companies' panic hoarding behavior before the tariff hike. May was the first full month in which Trump's tariff policy took effect, with a majority of the revenue concentrated on May 22nd, collecting over $16 billion on that day. Treasury Secretary Benson claimed in a media interview: "We have avoided a financial collapse, and the situation of out-of-control government spending has been reversed." While some data partially support the US government's argument about tariffs being a major source of revenue, in reality, the percentage of tariff revenue is still negligible, and these costs will ultimately be passed on to American consumers through higher prices. Officials envision a trillion-dollar vision, but revenue share remains negligible High-ranking US government officials have made huge revenue forecasts based on Trump's tariff plan, but currently tariffs still account for a relatively small proportion of total government revenue. Reports have indicated that officials, including Treasury Secretary Benson, implied that tariffs could become the main source of federal government revenue. Earlier at the end of March, senior trade adviser Peter Navarro mentioned in an interview that tariffs could raise about $600 billion annually and approximately $6 trillion over ten years. Economists have given more conservative estimates. For example, the Tax Foundation predicts that Trump's higher import tariffs could generate over $2.1 trillion in revenue over a decade. However, this week, US tariff policies are facing legal obstacles, which may disrupt fiscal forecasts. Despite a significant increase in tariff revenue at the end of April, tariffs still account for a relatively small proportion of total government revenue. In April, the US generated $850 billion in revenue, meaning that tariffs accounted for about 2% of the total. Furthermore, the Yale University Budget Lab predicts that if the full set of tariff policies implemented in 2025 are maintained for ten years, it will generate $2.7 trillion in revenue but will lead to a reduction of $394 billion in other tax revenues due to a decrease in economic output. Some analysts warn that this policy will cause a long-term decrease in US economic output by 0.8% and reduce 685,000 full-time job positions. Data from the US Department of Commerce's Bureau of Economic Analysis shows that US corporate profits declined by $118.1 billion in the first quarter of this year, the largest decline since the fourth quarter of 2020. Ordinary families bear an invisible tax burden The cruel reality of tariffs is reflected on supermarket shelves and shopping lists. Reports have indicated that the average effective tariff rate has reached 17.8%, the highest level since 1934, which will have the greatest impact on low-income families. It is estimated that middle-income families will lose about $1,300 per year due to price increases, while the top one-tenth of households will lose about $6,100 per year. The impact on clothing and textiles is particularly severe: in the short term, shoe prices have risen by 15% and clothing prices by 14%. In the long term, shoe prices have increased by 19% and 16%, respectively. The analysis emphasizes that overall, consumer costs will rise by 1.7% in the short term, equivalent to about $2,800 per household.