Standard Chartered: US Tariff Revenue Down $60B

Standard Chartered economist Dan Pan sees US tariff revenue at $25 bn in March‑April, implying a $60 bn annualized loss post‑IEEPA ruling.
The $60 bn hit equals about 0.2% of US GDP, with IEEPA tariffs previously contributing over half of total tariff revenue.
Administration imposed a 10% blanket tariff under Section 122, but its 150‑day limit ends 24 July 2026, risking further revenue decline.
Replacement efforts via sector‑specific Section 232 and 301 tariffs face Canada/Mexico resistance and likely higher deadweight costs in implementation.