The US government could bring in $300 billion in tariff revenue by the end of 2025, Treasury Secretary Scott Bessent said on Tuesday. Speaking at the White House Cabinet meeting, he said the US has already collected about $100 billion this year.
The increase in collections comes after President Donald Trump expanded tariffs in the second quarter. These included a 10% duty on most imports as well as higher duties on steel, aluminum, and automobiles. Treasury spokesperson later clarified that this estimation refers to the full 2025 year, not the government fiscal year ending September 30.
New Tariffs Set to Start on August 1
President Trump said that the real surge in earnings will be seen in August, when new reciprocal tariffs on most trading partners are expected to take effect. Trump pointed out that some countries still have a chance to negotiate lower rates in the coming weeks. “The big money will start coming from August 1,” he said.
The treasury reported record customs collections of $22.8 billion in May, nearly 4 times more than the same month a year ago. Collections for the first eight months of fiscal 2025 reached $86.1 billion. While the first five months of the calendar year brought in $63.4 billion.
Projection Could Outpace Budget Estimates
Bessent also said the Congressional Budget Office’s estimate of $ 2.8 trillion in income over 10 years may be too low. The next update will come this Friday when the treasury releases budget figures for June.
Early data already shows that combined customs and excise tax collections have crossed $122 billion this fiscal year. This revenue boost comes with New trading measures. Trump recently announced 50% on imported cover and said more tariffs will be applied on semiconductors and pharmaceutical goods.
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