The read
Analysis of Oct 28, 2026, on data through Oct 28, 2026. Charts under each judgment are its evidence; sources are linked in the text.
- Tariffs have rewired trade more than they have raised revenue. Duties came to 8.2% of goods imports, down from 11.3% in 2025 Q4 after the Supreme Court ruling. After the Supreme Court struck down the emergency-powers tariffs on Feb 20, duties were rebuilt under other laws: 10% to 12.5% on goods from 60 economies, 10% to 50% on steel, aluminum and copper products, and 25% on certain semiconductors (Congressional Research Service, Sep 30). China's share of US imports has fallen to 8.1% from 24.5% in September 2015, while Mexico's is a record 18.0%. Much of that trade moved rather than disappeared.
Where US goods imports come from: China and Mexico
Share of US goods imports, monthly, customs basis.
Source: US Census Bureau.
Readings in this chart
Effective tariff rate on US goods imports
Customs duties collected as a share of the value of goods imports, quarterly (national accounts).
Source: Bureau of Economic Analysis.
Readings in this chart