Tariff Simulator: Revenue and Prices — Penn Wharton Budget Model Top

Tariff Simulator: Revenue and Prices

The simulator below allows users to explore tens of thousands of different tariff scenarios across various countries, regions, and product sets. To create a specific tariff scenario, select "Custom" under the "Active/Proposed Tariffs" dropdown. Alternatively, choose from an existing policy scenario precomputed by PWBM.

  • Reciprocal Tariffs: Includes tariffs announced on April 2, 2025 ("Liberation Day").
  • Combined Trump Tariffs: Includes Reciprocal Tariffs plus tariffs previously announced by President Trump in 2025.

PWBM estimates that the Combined Trump Tariffs will generate $4.0 trillion in revenue over 10 years, using recent time-varying demand elasticity estimates. This corresponds to a reduction in imports by over 30% or $8.3 trillion due to higher prices on imported goods paid by US consumers and firms. If baseline import demand in the United States across all goods and services further stagnates over the next decade due to lower economic growth, total new tariff revenue will decrease to $3.6 trillion (set "Annual Demand Growth Prior to New Tariffs" to 0%). These values are lower than revenue estimates previously provided by officials in the Trump Administration.

Scroll down to find our projected tariff rates across 99 major categories ("Chapters") as determined by the United States International Trade Commission. An Excel download provides information for 22 major "Sections" (which are more aggregated than the 99 Chapters) as well as granular tariff projections across over 10,900 specific items.

Imposed Tariff Rate by Product Set: Tariff Rate by 99 Chapters

Chapter Number Description Imports before Tariff (billions) Weighted Tariff Rate
1 Live animals 4.75 8.65%
2 Meat and edible meat offal 14.81 8.81%
3 Fish and crustaceans, mollusks, and other aquatic invertebrates 19.68 25.47%
4 Dairy produce; birds' eggs; natural honey; edible products of animal origin, not elsewhere specified or included 4.29 15.96%
5 Products of animal origin, not elsewhere specified or included 1.20 32.13%
6 Live trees and other plants; bulbs, roots, and the like; cut flowers and ornamental foliage 3.63 12.87%
7 Edible vegetables and certain roots and tubers 15.68 4.59%
8 Edible fruit and nuts; peel of citrus fruit or melons 24.07 10.56%
9 Coffee, maté and spices 11.17 21.18%
10 Cereals 3.12 21.54%
11 Products of the milling industry; malt; starches; inulin; wheat gluten 2.54 9.38%
12 Oil seeds and oleaginous fruits; miscellaneous grains, seeds, and fruit; industrial or medicinal plants; straw and fodder 2.79 23.07%
13 Lac; gums, resins, and other vegetable saps and extracts 1.76 38.00%
14 Vegetable plaiting materials; vegetable products not elsewhere specified or included 0.18 32.04%
15 Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes 16.67 21.89%
16 Preparations of meat, fish, or crustaceans, mollusks, or other aquatic invertebrates 6.81 26.01%
17 Sugars and sugar confectionery 6.93 12.92%
18 Cocoa and cocoa preparations 8.83 11.45%
19 Preparations of cereals, flour, starch, or milk; pastrycooks' products 15.77 20.79%
20 Preparations of vegetables, fruit, nuts, or other parts of plants 14.29 17.71%
21 Miscellaneous edible preparations 12.26 19.50%
22 Beverages, spirits, and vinegar 30.79 20.07%
23 Residues and waste from the food industries; prepared animal feed 5.19 21.89%
24 Tobacco and manufactured tobacco substitutes 3.14 17.32%
25 Salt; sulfur; earths and stone; plastering materials, lime, and cement 5.47 22.41%
26 Ores, slag, and ash 3.17 10.15%
27 Mineral fuels, mineral oils, and products of their distillation; bituminous substances; mineral waxes 241.82 5.29%
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals, of radioactive elements, or of isotopes 18.25 16.58%
29 Organic chemicals 56.82 16.84%
30 Pharmaceutical products 217.04 3.59%
31 Fertilizers 8.56 11.57%
32 Tanning or dyeing extracts; dyes, pigments, and other coloring matter; paints and varnishes; inks 5.12 19.06%
33 Essential oils and resinoids; perfumery, cosmetic, or toilet preparations 23.10 24.61%
34 Soap; washing and lubricating preparations; waxes; candles; modeling pastes; dental waxes 6.17 29.81%
35 Albuminoidal substances; modified starches; glues; enzymes 3.86 25.77%
36 Explosives; pyrotechnic products; matches; pyrophoric alloys; combustible preparations 1.18 52.13%
37 Photographic or cinematographic goods 1.54 24.84%
38 Miscellaneous chemical products 24.03 21.99%
39 Plastics and articles thereof 72.95 36.71%
40 Rubber and articles thereof 33.85 24.01%
41 Raw hides and skins (other than furskins) and leather 0.42 16.17%
42 Articles of leather; saddlery and harness; travel goods, handbags, and similar containers 13.66 46.72%
43 Furskins and artificial fur; manufactures thereof 0.14 27.97%
44 Wood and articles of wood; wood charcoal 22.89 21.00%
45 Cork and articles of cork 0.28 25.64%
46 Manufactures of straw, of esparto or of other plaiting materials; basketware and wickerwork 0.59 48.20%
47 Pulp of wood or of other fibrous cellulosic material; waste and scrap of paper or paperboard 4.56 17.95%
48 Paper and paperboard; articles of paper pulp, paper, or paperboard 19.45 35.40%
49 Printed books, newspapers, pictures, and other printed products 5.30 41.30%
50 Silk 0.06 43.78%
51 Wool, fine or coarse animal hair; horsehair yarn and woven fabric 0.24 14.19%
52 Cotton 0.77 28.91%
53 Other vegetable textile fibers; paper yarn and woven fabric of paper yarn 0.23 27.25%
54 Man-made filaments; strip and the like of man-made textile materials 1.79 32.48%
55 Man-made staple fibers 1.58 29.63%
56 Wadding, felt, and nonwovens; special yarns; twine, cordage, ropes, and cables and articles thereof 2.84 39.38%
57 Carpets and other textile floor coverings 3.39 30.35%
58 Special woven fabrics; tufted textile fabrics; lace; tapestries; and embroidery 0.82 45.86%
59 Impregnated, coated, covered, or laminated textile fabrics; textile articles of a kind suitable for industrial use 2.93 29.71%
60 Knitted or crocheted fabrics 0.86 40.92%
61 Articles of apparel and clothing accessories, knitted or crocheted 44.76 45.84%
62 Articles of apparel and clothing accessories, not knitted or crocheted 34.59 46.34%
63 Other made-up textile articles; sets; worn clothing and worn textile articles; rags 16.88 64.83%
64 Footwear, gaiters, and the like; parts of such articles 27.35 60.20%
65 Headgear and parts thereof 2.95 55.92%
66 Umbrellas, sun umbrellas, walking sticks, seat-sticks, whips, riding-crops, and parts thereof 0.64 98.37%
67 Prepared feathers and articles made thereof; artificial flowers; articles of human hair 2.44 87.44%
68 Articles of stone, plaster, cement, asbestos, mica or similar materials; ceramic products; glass and glassware 9.62 28.41%
69 Ceramic products 7.16 44.38%
70 Glass and glassware 8.98 41.29%
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 89.91 22.87%
72 Iron and steel 31.69 19.28%
73 Articles of iron or steel 51.10 22.40%
74 Copper and articles thereof 17.14 3.16%
75 Nickel and articles thereof 3.60 19.00%
76 Aluminum and articles thereof 35.59 18.84%
78 Lead and articles thereof 0.95 7.99%
79 Zinc and articles thereof 2.16 7.26%
80 Tin and articles thereof 0.89 2.48%
81 Other base metals; cermets; articles thereof 3.56 19.59%
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 11.09 46.49%
83 Miscellaneous articles of base metal 15.31 43.85%
84 Nuclear reactors, boilers, machinery, and mechanical appliances; parts thereof 514.01 29.37%
85 Electrical machinery and equipment and parts thereof; sound recorders and reproducers; television image and sound recorders and reproducers; and parts and accessories of such articles 472.83 38.91%
86 Railway or tramway locomotives, rolling stock, and parts thereof; track fixtures and fittings and parts thereof; mechanical traffic signaling equipment of all kinds 2.43 38.12%
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 389.41 15.87%
88 Aircraft, spacecraft, and parts thereof 35.70 21.91%
89 Ships, boats, and floating structures 3.48 20.89%
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 122.79 28.87%
91 Clocks and watches and parts thereof 7.60 34.43%
92 Musical instruments; parts and accessories of such articles 1.59 52.03%
93 Arms and ammunition; parts and accessories thereof 4.38 22.03%
94 Furniture; bedding, mattresses, mattress supports, cushions, and similar stuffed furnishings; lamps and lighting fittings; illuminated signs, illuminated nameplates and the like; prefabricated buildings 67.03 46.21%
95 Toys, games, and sports requisites; parts and accessories thereof 40.93 84.81%
96 Miscellaneous manufactured articles 8.68 65.98%
97 Works of art, collectors' pieces, and antiques 8.84 19.37%
98&99 Special classification provisions; Temporary provisions under the HTSUS and special tariff programs 171.22 40.22%

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