FT: US earns record $64 billion in tariffs as world avoids retaliation
Photo: Donald Trump / EPA

In the second quarter of 2025, US customs revenues reached a record $64 billion, which is $47 billion more than in the same period last year. About writes Financial Times.

Customs policy Trump brought the United States almost $50 billion in additional revenue, as most of the country's trading partners refrained from symmetrical retaliatory steps.

In the four months since the launch of the new wave of tariffs, only China and Canada have introduced real countermeasures. Washington, meanwhile, has set a minimum global tariff of 10%, duties of 50% on steel and aluminum, and 25% on cars.

Many countries, including the European Union, are in no hurry to respond. EU developed a package of countermeasures but has postponed their implementation several times. Now they have been tied to August 1, the deadline set by the White House to complete the negotiations.

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Ukraine has also stated that it is ready to zero out duties for goods from the United States of America.

According to Taras Kachka, Ukraine currently buys $3-4 billion worth of products from the United States per year, mostly at low or zero rates.

In general, the US trading partners fear new tariffs and the destruction of trade chains, as well as the loss of US security guarantees.

China he answered in the harshest possible way – its import duties reached 145%, which led to a one-third drop in exports to the US in May. However, in June, the parties agreed in Geneva on a 90-day pause and a reduction in rates to 30%.

In February-March, Canada introduced countervailing duties worth CAD 155 billion but in recent weeks it has actually scaled back some of the measures, even abandoning a planned tax on digital services under pressure from the United States.

Economists explain the passivity of other countries by the global trade structure, where the United States is the main market.

According to Capital Economics, an escalation of the trade war to an average rate of 24% could reduce global GDP by 1.3% over two years.