Trump's Tariffs Cost U.S. Exports $160-$201 Billion, Consumers $25 Billion
President Trump's tariff strategies have resulted in significant losses for U.S. exports, with estimates suggesting a total of $160 to $201 billion over seven years. Meanwhile, U.S. consumers and businesses have paid approximately $25 billion in tariff revenues in the first half of 2025, with soybean farmers receiving a fraction of this amount as compensation.
The impact of trade disputes is evident in the soybean market, with zero sales to China in 2025 so far. This is concerning, given that soybeans are the largest U.S. crop export, valued at $24.47 billion in 2024, and China is the third-largest agricultural export market for the U.S., with soybean exports totaling $12.65 billion in 2024.
President Trump proposed giving soybean farmers $10 billion in compensation, but this amount is a mere fraction of the $364.6 billion in import surcharges paid by U.S. consumers and businesses in the first half of 2025. The average quarterly customs duties paid has increased significantly, from $15.18 billion between 1959 and 2017 to $79.47 billion from 2018 to 2024. In the first half of 2025 alone, customs duties paid totaled $364.6 billion, with $96.97 billion in the first quarter and $267.68 billion in the second quarter.
The Trump administration's tariff strategies have led to substantial export losses and increased customs duties paid by U.S. consumers and businesses. While compensation has been proposed for soybean farmers, the $10 billion offered is a small fraction of the total tariff revenues collected. As the U.S. continues to navigate trade disputes, the impact on agricultural sectors and the broader economy remains a significant concern.
