Treasury Secretary Scott Bessent says the U.S. has already collected around $100 billion in tariff revenue this year and could see that total surge to $300 billion by the end of 2025, driven by Trump’s escalating trade measures.
speaking at a White House cabinet meetingnoted that the bulk of new tariff income only began in Q2
The Treasury’s latest figures show record customs revenue, with May alone bringing in $22.8 billion—nearly four times the amount collected a year earlier. Tariff collections in the first eight months of fiscal 2025 total $86.1 billion, and $63.4 billion over the first five months of the calendar year.
Bessent added that the Congressional Budget Office projects $2.8 trillion in tariff income over a decade, but he believes that estimate is likely too conservative.
Meanwhile, in the same meeting Trump confirmed a new 50% tariff on copper imports, with additional levies planned for semiconductors and pharmaceuticals.
This article was written by Eamonn Sheridan at www.forexlive.com.