US Will Collect More Than $300 Billion in Tariff Revenues This Year, Treasury Secretary Says

Contact Your Elected Officials

The U.S. government is focusing on 18 critical trading partners that make up roughly 95 percent of Americaโ€™s trade deficit.

The United States is on track to potentially raise โ€œwell over $300 billionโ€ in tariff income by the end of the year, Treasury Secretary Scott Bessent said during a July 8 White House Cabinet meeting.

โ€œWe have taken in about $100 billion in tariff income thus far this year,โ€ Bessent said. โ€œThatโ€™s with the major tariffs not having started till the second quarter.โ€

In April, the Trump administration announced a 10 percent tariff on all global imports. It came into effect in May. At the time, the White House said it expected the tariff to impact $3 trillion in goods imported by the United States annually.

In May, the government collected $22.17 billion in customs duties, up by almost 325 percent from $5.23 billion collected in May last year. In fiscal year 2025, till May, collections stand at $81.39 billion, higher by more than 65 percent from the $49.29 billion during the same period in 2024. The U.S. fiscal year 2025 began on Oct. 1, 2024, and ends on Sept. 30, 2025. Tariff calculation involves more than customs duties.

Bessent cited a June 4 report from the Congressional Budget Office (CBO), which estimates tariff collections over a 10-year period between 2025 and 2035 to be at $2.8 trillion.

โ€œWe donโ€™t agree with CBO scoring,โ€ he said, adding that the agencyโ€™s tariff collection estimate โ€œis probably low.โ€

According to a July 7 Daily Treasury Statement, the government had so far collected $124 billion in customs duties this fiscal year.

In addition to the 10 percent universal tariffs, the government had also instituted reciprocal tariffs on several nations in April depending on the trade barriers they had with the United States.

President Donald Trump initially signed a 90-day pause blocking reciprocal tariffs from being implemented, with the pause set to be lifted on July 9. On Monday, he signed an executive order that extended the deadline to Aug. 1.

The president also issued separate letters to several nations, including Japan, South Korea, and Thailand, notifying them about individual tariffs that would be imposed on their nations following the Aug. 1 deadline.

Trump suggested that reciprocal tariffs, which range from 25 to 40 percent, could be lowered if nations open up their markets and bring down their trade barriers.

Once reciprocal tariffs come into effect, the governmentโ€™s customs collections are expected to increase further.

โ€œThe big money will start coming in on Aug. 1st. I think it was made clear today by the letters that were sent out yesterday and today,โ€ Trump said during the July 8 Cabinet meeting.

By Naveen Athrappully

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

On the Major Leagueโ€™s periphery: A major trip through the minors

For Nick Dunn, the trek through the minors is a trifecta of physical, mental, and organizational hurdles filled with politics, roster volatility, and injuries.

Private Citizens are Now Looking into Epstein Client List

Most Americans have never felt so betrayed and confused by a president and his admin as they are by the Trump admin over the Epstein client list issue.

Peace In Ukraine Wonโ€™t End The Westโ€™s Hybrid War On Russia

The Westโ€™s Hybrid War on Russia to follow peace in Ukraine is inevitable due to neoconservatives and liberal-globalists in its decision-making ecosystem.

Epstein Case Closed?

The DOJ and FBI announced on Sunday evening of the July 4th holiday weekend that Jeffry Epstein had no client list and didnโ€™t kill himself in prison.

Was Texas Storm Manmade?

Another โ€œ1-in-100 yearsโ€ weather event in Kerr County happened next to a Texas designated โ€œWeather Modification Map of Rain-Enhancement Projects in Texasโ€.

Linda Yaccarino Steps Down as CEO of X

Linda Yaccarino, the CEO of social media platform X, announced that she will be stepping down from the post after joining the platform in May 2023.

โ€˜American Heroโ€™: Coast Guard Swimmer Praised for Saving 165 From Flood at Camp Mystic

Coast Guard rescue swimmer, Scott Ruskan, is hailed as a hero for helping rescue 160+ people at Camp Mystic during floods ravaging central Texas.

7 Chinese Nationals Charged Over Marijuana Trafficking in Massachusetts, Maine

Chinese nationals were charged for allegedly running multi-million-dollar marijuana trafficking network in neighborhoods of Massachusetts and Maine.

AT&T Will Pay $177 Million to Settle Data-Breach Lawsuits: 4 Things to Know

AT&T agreed to pay $177 million to settle two class-action lawsuits related to data breaches that targeted AT&T customers in recent years.

Rubio Set to Visit Malaysia for ASEAN Meetings Amid Tariff Tensions

A delegation including U.S. Sec. of State Marco Rubio will travel to Kuala Lumpur, Malaysia, for series of high-profile meetings between July 11 and 12.

Senate Panel Advances Trumpโ€™s CDC Director Nominee

A Senate committee on July 9 voted to advance the nomination of Susan Monarez to lead the Centers for Disease Control and Prevention (CDC).

Trump Says BRICS Members Will Get Additional 10 Percent Tariffs Over Dedollarization Attempt

Trump warns BRICS he's imposing additional 10% tariff on nations, as bloc was created to replace U.S. dollar as dominant currency for international trade.

Top Trump Officials to Hold Trade Talks With China in August

The Trump administrationโ€™s top trade negotiators are set to meet with Chinese officials in early August, Commerce Secretary Howard Lutnick said.
spot_img

Related Articles