U.S. Targets $50 Billion in Monthly Tariff Gains Amid Import Levy Surge
The U.S. aims to generate over $50 billion a month in tariff revenues as higher levies on imports take effect under President Trump. The initiative focuses on encouraging domestic production, particularly in semiconductors, with potential exemptions for manufacturers willing to establish operations in the U.S.
The United States is set to significantly increase its tariff revenue, expecting to collect over $50 billion monthly, up from the previous month's $30 billion. This increase coincides with the enforcement of higher import tariffs affecting a broad range of products from various countries, as described by U.S. Commerce Secretary Howard Lutnick.
President Donald Trump's administration has raised the average U.S. import duty to levels not seen in a century, impacting several sectors including semiconductors and pharmaceuticals. The president has also proposed a substantial 100% tariff on semiconductor imports unless production is shifted to the U.S.
The U.S. government's strategy aims to enhance domestic manufacturing capabilities, particularly in the semiconductor industry, which could see $1 trillion in investment. This effort aligns with ongoing initiatives to revitalize U.S. manufacturing and could lead to tariff exemptions for firms building production facilities domestically.
(With inputs from agencies.)
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