President Trump has long touted tariffs as his favorite economic tool, and a succession of new trade policies since he took office has led to soaring government revenue from tariffs.

New tariffs on steel and autos, plus the 10% tariffs on most countries, brought in more than $22 billion to federal coffers in May, according to Treasury data. Since Jan. 1, the US Treasury has collected $92 billion from Trump’s duties.

The monthly spikes in tariff revenue during Trump 2.0 have dwarfed those in Trump’s first term. In addition to broader tariffs introduced this year, the US continues to collect on some of the tariffs enacted in the first Trump presidency that remained in place throughout the Biden administration.

Biden implemented tariffs of his own that were targeted toward specific sectors, such as EVs, semiconductors, and battery parts. But Trump took tariff rates to another level when he returned to office.

Even with tariff pauses on the steepest tariff rates, the Yale Budget Lab estimates that the overall effective US tariff rate stands at 15.6%, the highest level since 1937.

These receipts have added a wrinkle to the ongoing debate over the president’s signature tax and spending bill, which seeks to make tax cuts permanent and would add $2.4 trillion to the deficit.

A report from the Congressional Budget Office found that collections from existing tariffs would reduce the deficit by $2.8 trillion over the next decade, potentially offsetting the bill’s costs. However, that revenue stream depends on tariffs not being curtailed by courts, trade negotiations, or the next president.