The House’s Policy Bill Would Lose Money. Could Trump’s Tariffs Replace It?

You have a preview view of this article while we are checking your access. When we have confirmed access, the full article content will load.

Over the past few months, after President Trump imposed wave after wave of tariffs, companies began paying billions more to bring goods into the country. In May, the Treasury collected more than $22 billion in tariff payments, data released on Wednesday shows, a record high.

The income figures are among the first concrete indicators of the costs imposed by Mr. Trump’s trade policies. Although inflation data has yet to reflect price increases from tariffs, companies may soon pass at least part of those extra bills on to their customers. The rest could show up on their balance sheets in the form of narrower profit margins.

The president has made the case that tariffs can generate income for the government while encouraging manufacturers to build their products in America. But even May’s haul remains a tiny share of the federal government’s typical income. The vast majority comes from individual and corporate income taxes.

Nonetheless, House Republicans have argued that the tariff revenue will be enough to offset the projected losses from their huge tax and spending bill, which is currently being hashed out in the Senate.