Tariff Revenue Climbed 83% in October-December Compared With Same Quarter of 2017

Revenues were flat in the first quarter of fiscal year 2019, as a major decline in corporate income taxes was offset by a sharp jump in tariff revenue, the Congressional Budget Office reports. Customs duties increased by $8 billion, or 83 percent, compared with the same October-December quarter in 2017. CBO said the increase was "largely because of new tariffs imposed by the Administration during the past year." CBP said in November that it has assessed more than $10 billion under the recent Trump administration Section 201, 232 and 301 trade remedies (see 1811260010).