The chart of the week examines tariff revenues since 1959. As shown in the highlighted area, revenues saw a significant increase during the prior Trump administration, particularly during the trade wars that began in 2018. At their peak, revenues exceeded $100 billion—a substantial amount. There are various opinions on the potential outcomes as tariffs are reinstated or increased. Time will reveal how these changes might impact global trade and, more interestingly, inflation. However, it is clear that tariffs boosted government revenues in the past and will likely do so again moving forward.