The U.S. collected $188.6 billion in customs duties this year. A brewer's own books show what that costs downstream.

Every dollar of customs duty lands in the Treasury's general fund the same way, whatever the tariff schedule that produced it.▸ The U.S. Treasury's Monthly Treasury Statement shows that account growing faster than at any point on record. What it doesn't show is where the money came from on the way in — that ledger lives in the SEC filings of the companies that pay it.

Section 232 tariffs on steel and aluminum imports doubled from 25% to 50% in June 2025, and on April 2, 2026, a presidential proclamation restructured the whole metals-tariff regime — copper joined the list, and duties began applying to a product's full customs value rather than just its metal content.▸ The receipts show it. Querying the Treasury's own Fiscal Data API for the "Customs Duties" line of the Monthly Treasury Statement, Table 4, for the same eight-month window (October through May) in each of the last four fiscal years:

For two years running, October-to-May customs collections sat near $50 billion.▸ Then FY2025 nearly doubled it to $81.4 billion as the first tariff rounds took hold, and FY2026 more than doubled it again, to $188.6 billion — a 131.7% increase over the same window a year earlier. That total is a single Treasury line covering all customs duties, not steel and aluminum alone; but Section 232 metals tariffs are widely reported as the largest driver of the acceleration, alongside the broader IEEPA tariff program.

The government's receipt is the mirror image of somebody else's bill.▸ Steel and aluminum tariffs are collected from importers, who pass what they can of the cost downstream. Beverage cans are one of the most direct paths: Molson Coors Beverage Company — brewer of Coors, Miller, and Blue Moon — buys aluminum coil to make roughly half its U.S. packaging.

Its own fourth-quarter and full-year 2025 earnings release, filed with the SEC on February 18, 2026, states that full-year cost of goods sold carried "an approximate $35 million unfavorable impact... attributable to Midwest Premium pricing" — the surcharge added to the base London Metal Exchange price to reflect the cost of delivering aluminum into the U.S. market.▸ Trade press tracking the CME-quoted Midwest Premium have reported it hitting a record $2,182 per tonne in February 2026, with the 50% Section 232 duty now the largest single component of that premium. Of Molson Coors' $35 million full-year hit, $20 million landed in the fourth quarter alone, and the company's own 2026 outlook says Midwest Premium costs will stay "inflationary in each quarter of the year."

Five weeks before that earnings release, on October 20, 2025, Molson Coors announced a separate restructuring: eliminating approximately 400 salaried positions across its Americas business — about 9% of that unit's salaried workforce — by the end of December 2025, with disclosed related charges of $35 million to $50 million, "substantially all" cash severance and post-employment benefits.▸ CEO Rahul Goyal's stated reason was general: "given the environment, we must transform even faster." The filing does not name tariffs specifically, and Molson Coors also pointed to softer beer volumes and premiumization trends elsewhere in its results. What the filings show, without requiring a causal claim, is that both charges — the aluminum-cost hit and the severance cost — landed in the same fiscal year, at roughly the same scale:

The $188.6 billion figure covers all U.S. customs duties, not steel and aluminum tariffs alone; the Molson Coors figures are specific to one company's reported results and are not a representative sample of aluminum-consuming industries generally.