• U.S. Trade Representative Jamieson Greer signals continued tariff revenue collection despite trade negotiations.
  • New tariffs on steel and aluminum imports have generated over $15 billion in Q1 2025, according to Treasury data.
  • Ongoing talks with the EU and China show no immediate rollback, with Greer citing revenue as a key leverage point.

Tariff Revenue Continues to Flow

U.S. Trade Representative Jamieson Greer said Thursday that the administration is still collecting “a lot of tariff revenue” from import duties, pushing back against speculation that trade negotiations could lead to a broad rollback. “We have seen a steady stream of revenue coming in from tariffs on steel, aluminum, and other goods,” Greer said at a press conference in Washington. “This is part of our strategy to protect American industries and generate funds for domestic priorities.”

According to a Treasury Department official who spoke on condition of anonymity, tariff collections exceeded $15 billion in the first quarter of 2025, up 22% year-over-year. The official said the increase was driven by expanded tariffs on Chinese goods and new duties on European metals. Greer’s comments come as U.S. negotiators prepare for a fresh round of talks with the European Union next week, but he emphasized that any deal would need to maintain “significant” tariff revenue.

Market Reaction and Context

“The market had hoped for a more conciliatory tone from Greer, but this is a clear signal that tariffs are here to stay for now,” said David Kim, a trade policy analyst at Eurasia Group. The S&P 500 dipped 0.3% after Greer’s remarks, while the industrial metals sector fell 1.2%. Steel producers, however, saw gains: Nucor Corp. rose 1.5% on the news.

The administration has framed tariffs as a dual-purpose tool: protecting domestic manufacturing and generating revenue to fund infrastructure and tax cuts. Critics argue that tariffs raise costs for consumers and damage trade relations. “This is about leverage,” Greer said, adding that without tariff revenue, “we would be in a weaker position in every negotiation.”

Outlook

Trade experts expect the tariff regime to persist through at least mid-2025, with potential for targeted exemptions. The EU has signaled willingness to negotiate lower tariffs on industrial goods but has rejected a blanket removal. Greer’s comments suggest that any agreement will require reciprocal concessions, with tariff revenue remaining a key bargaining chip.

Correction: An earlier version of this article misstated the Treasury figure as $50 billion. The correct amount is $15 billion.