We’re still trying to sort out what President Donald Trump’s tariffs are doing to inflation, as reported in yesterday’s consumer price index. But another impact of tariffs is clear, according to a report by the Committee for a Responsible Federal Budget: The president’s import taxes are pumping tens of billions of dollars in new revenue into federal coffers every month.

Trump said earlier this week that it’s “so beautiful” to see all the new revenue coming in from his tariffs.

“These tariffs are becoming big revenue generators,” said Marc Goldwein, senior vice president and senior policy director at the Committee for a Responsible Federal Budget.

Before Trump’s second term, tariffs brought in about $7 billion a month. That could soon hit $40 billion to $50 billion. Over the next 10 years, if tariff rates and revenues hold steady — which is by no means certain — Goldwein predicts federal deficits will be $2.8 trillion lower.

“Not enough to pay for the One Big Beautiful Bill, not enough to move our budget toward balance, but tariffs may start raising more than the corporate income tax,” he said.

Still, there are a lot of variables at play. “The revenue effects — they are the least certain aspect of the whole tariff debate,” said Bill Gale, co-founder of the Urban-Brookings Tax Policy Center.

Tariff collections could decline as the administration negotiates new trade deals and importers shift to countries with lower tariffs, Gale said. Also, it’s not clear what the administration plans to do with the new money.

“There’s discussion that they want to rebate the revenue to individuals. If they rebate it, then it’s not cutting the deficit,” Gale noted.

Most economists predict the tariffs will lead to slower growth and lower incomes for individuals and businesses — cutting into government tax revenues from other sources.