President Trump repeatedly claims tariffs will reap “billions” of dollars for the U.S.—and so far, he’s right. According to the Penn Wharton Budget Model, the U.S. has collected more than $158 billion as of early September 2025. So where does that money go and how does Congress appropriate that money? WSJ examines how much money the U.S. has made from tariffs, how the money from tariffs is collected and where it ultimately goes. Chapters:0:00 Tariff revenue 0:36 How much the U.S. has made2:16 How tariffs are collected3:18 Where the money goes4:38 Tariff legal challenges
