US tariffs after a year of Trump show mixed winners and losers.

After one year of sweeping "reciprocal tariffs" under President Trump, US customs revenue rose by about US$287 billion while the overall US trade balance (goods and services) worsened by about US$69 billion.

The Trump administration made tariffs a central element of economic policy in its first year, announcing a broad "reciprocal tariffs" programme that rolled out through 2025. The measures aimed to raise government revenue, reduce the US trade deficit and change China’s trade behaviour. Implementation was phased, with major actions announced in April and applied later in the year, and data through October 2025 show mixed results. The legality of the tariff programme is now before the US Supreme Court, with a decision expected shortly. Key facts: - Customs revenue increased by about US$287 billion, with most of that cost borne by US purchasers (reported as about 96%). - The overall US trade balance in goods and services declined by about US$69 billion in 2025 despite some periods of stronger exports. - US imports from China fell sharply (reported as about 27% in the first ten months of 2025) while imports from other suppliers rose (Vietnam +40%, Taiwan +61%, Mexico +5% reported figures). - The reciprocal tariffs are under review by the US Supreme Court, with a ruling expected within days; reported alternative tools include a flat 10% tariff or time-limited measures under Section 122 of the 1974 Trade Act. Summary: The tariff programme raised substantial customs revenue but did not produce a sustained narrowing of the overall US trade deficit, and some domestic price effects were reported as passed through to consumers. Trade flows shifted as imports from China declined and sourcing increased from other countries, and impacts were reported as uneven across sectors and trading partners. The immediate next step is the Supreme Court decision, expected soon, which will determine whether the reciprocal tariff measures remain in force or whether other statutory options are used.