US Tariff Revenue Dropped by Over Billion in February as Supreme Court Upended Trump's 'Blanket' Duties
By Sanna the Weaver • Wed Mar 11 2026 • Financial Literacy
Tariff revenue totaling $26.59 billion came into US coffers in February, marking another monthly decline as the US Supreme Court struck down the lion's share of President Trump's tariffs. The Treasury Department's monthly statement for February, released on Wednesday, followed a January tariff revenue reading of $27.74 billion. Wednesday's release also showed that the US ran an overall deficit of more than
trillion between October and February — the first five months of the fiscal year. On tariff revenues, the release marks the fourth straight monthly decline after Trump dialed back key tariffs last November. Monthly tariff revenue peaked in October at $31.35 billion. The latest release covered the month of the Supreme Court's February 20 decision striking down the tariffs imposed under a 1977 law called the International Emergency Economic Powers Act (IEEPA). Trump immediately moved to replace those tariffs by announcing 10% global duties for 150 days using a different authority: Section 122 of the 1974 Trade Act. The president has also pledged to raise those duties to 15% but has not yet followed through. The White House has also launched efforts to make new permanent tariffs after the Section 122 tariffs expire, seeking to implement them under different authorities. The US government continues to run massive deficits, the report showed, including $308 billion in February alone, which far outstripped tariff revenues despite Trump's frequent claims that tariffs are balancing the budget. All told, tariffs have brought in about 44 billion so far this fiscal year. Ongoing Questions of Tariff Refunds The final tally of tariff revenue is far from certain because of ongoing lawsuits by companies seeking refunds on the IEEPA tariffs. The Supreme Court did not specify if refunds would be required. The US Court of International Trade recently said the government must issue refunds for all illegally collected tariffs. The administration has delayed action, while about 66 billion in IEEPA revenue collected since Trump's return to office remains up in the air. The new data also comes as Trump is trying to refocus his message on affordability with a visit to Ohio and Kentucky on Wednesday afternoon to tout his economic wins and his tariffs. He posted to Truth Social that he would visit a business that is expanding, he said, "because of my America First Trade Policies, most specifically TARIFFS." Yet both states have felt the negative effects of tariffs, with Kentucky even joining a recent multistate lawsuit seeking to strike down Trump's pivot to Section 122 tariffs.