A tariff is collected at the border by Customs and Border Protection and lands in the Treasury as a customs duty. The Monthly Treasury Statement publishes three numbers for it: gross receipts, refunds paid out, and the net.
The distinction is not academic. In fiscal 2026 gross customs duties ran between 22 and 33 billion dollars a month while refunds, small until April, jumped to 22, 49 and 33 billion dollars in May, June and July after the Supreme Court struck down the IEEPA tariffs. Net receipts were negative in all three months.
When someone says tariffs will pay for something, the Gazette asks: gross or net, and in which month.