U.S. Treasury Eyes $300 Billion Tariff Growth Amid Trump's Trade Policies
U.S. Treasury Secretary Scott Bessent announced potential tariff collections of $300 billion by the end of 2025, following President Trump's trade measures. The Treasury has already seen substantial revenue growth, with customs duties and excise taxes significantly increasing due to heightened tariffs on imports like steel, aluminum, and autos.
The U.S. Treasury anticipates a dramatic increase in tariff income, with Secretary Scott Bessent reporting collections hitting $300 billion by the close of 2025 due to President Trump's aggressive trade policies. The administration's sweeping tariff hikes have already started to amplify revenue, particularly from imports such as steel, aluminum, and automobiles.
According to Treasury data, customs duties reached $22.8 billion in May, a notable rise from last year's figures. By the end of June, combined customs and excise tax collections surpassed $122 billion, as the government braces for further tariff escalations. The Congressional Budget Office's forecast of $2.8 trillion in tariff income over the next decade is considered a conservative estimate by officials.
Trump's administration is set to activate additional tariffs on a variety of imports including copper, semiconductors, and pharmaceuticals come August 1. Negotiations with some countries might alter initial rate hikes, yet the overarching strategy signals intensified global trade tensions in the near future.
(With inputs from agencies.)
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