We Treasury Secretary Scott Besant said on Tuesday that customs revenue from President Donald Trump’s tariffs could be $ 500 billion per year, there is a possibility of enough jump from July to August and a major jump in September.
Besent told the White House Cabinet meeting that his earlier estimate of an annual tariff collection rate of $ 300 billion was very low.
“We used to jump enough from July to August, and I think we are going to see a big leap from August to September,” Besant said. “So I think we can exceed half the trillion on our way, perhaps towards a trillion-dollar number. This administration, your administration has made a meaningful dent in the budget deficit.”
Tariff Revenue will offset the increase in deficit to the Republican tax-cut and expenditure bill passed this year. The CBO estimated that the bill would increase the deficit to $ 3.4 trillion in the next decade.
Trump’s tariff raised the July US customs collection from $ 7 billion collected in July 2024 to about 21 billion dollars and even with an increase of $ 20 billion registered in June. On August 7, tariff rates increased significantly for almost all trading partners.
The US Treasury reported on Monday that till 22 August, the government had collected $ 29.6 billion in the Joint Customs and Excise Taxes during August for the entire month of July. As of 22 July, the joint figure was $ 7.8 billion, but the customs collections may be different day -to -day -day.
Bessent also noted that Congress’s budget office
Disobediently revised estimate
Last week of federal revenue from Trump’s tariff, anticipating that it can reduce the federal deficit to $ 4 trillion in 10 years. “And I hope this number can go up from here,” said Besant.
The latest CBO estimate marks the growth from June when it estimates that the revenue from the new tariff will reduce $ 3 trillion deficiency in 10 years. – Reuters
