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But we saved everything 🙂.
U.S. tariffs, including those introduced on Liberation Day under IEEPA, brought in significant revenue but fell short of initial projections. According to Erica York, the IEEPA tariffs raised about $166 billion before being struck down by the Court, while total tariff collections reached $264 billion in 2025, accounting for 4.9 percent of federal tax receipts before offsets. Despite these revenues, federal debt continued to increase.
Manufacturers reported sustained input cost pressures from tariffs, with Boston-area firms noting that input prices remained elevated but stable in recent months, according to Erica York’s previous reporting. Meanwhile, York has also pointed out that U.S. average tax refunds, after a recent weekly decline, are still $352 higher than last year, with total refunds up nearly $20 billion as detailed here. These developments come as federal fiscal dynamics continue to shift.