CBP Collections of Section 232 Duties Nearing $1.5 Billion

CBP has collected $1.1 billion in duties on steel and $344.2 million in duties on aluminum as a result of the Section 232 tariffs as of July 16, the Congressional Research Service said in a recent report. "Based on 2017 U.S. import values, annual tariff revenue from the Section 232 tariffs could be as high as $5.8 billion and $1.7 billion for steel and aluminum, respectively, but such estimates do not account for dynamic effects," it said. The tariffs took effect in March (see 1803230014), though some countries were exempt then and some still are (see 1805010027). That money goes into a general fund of the U.S. Treasury, it said.