U.S. Tariff Revenues Surge: Aiming for Half a Trillion
U.S. Treasury Secretary Scott Bessent announced that customs duty revenues from President Trump's tariffs could exceed $500 billion annually. Bessent revised his previous estimate of $300 billion, noting significant revenue growth from July to August, with further increases expected in September, significantly impacting the budget deficit.
U.S. Treasury Secretary Scott Bessent revealed that revenue from President Donald Trump's tariffs is poised to surpass $500 billion yearly, marking a substantial increase. This came to light during a White House Cabinet meeting on Tuesday, where Bessent updated officials on the customs duty collections.
Originally estimating tariff revenues at $300 billion per year, Bessent now sees this figure as too conservative. The upward trend was notably apparent with a significant jump recorded between July and August, and projections for further growth into September.
"This administration has made a meaningful dent in the budget deficit," Bessent stated, suggesting potential revenue figures might eventually approach a trillion dollars. The dramatic increase underscores the transformative impact of the tariffs on U.S. fiscal objectives.
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