US tariff revenue surged +281% YoY in October, to a record $34.2 billion.

BREAKING: US tariff revenue surged +281% YoY in October, to a record $34.2 billion.

Over the 3 months ending October, customs and certain excise taxes reached $96.8 billion, more than the entire Fiscal Year 2024.

This builds on total customs and excise tax revenues of $215.2… pic.twitter.com/hUSwX9vKh1

— The Kobeissi Letter (@KobeissiLetter) November 30, 2025