Washington: The United States could collect up to $ 300 billion in tariff revenues for the end of this year, said Treasury Secretary Scott Besent.
He told a meeting of the White House Cabinet that most of the money came from the new import tariffs of President Donald Trump, who began to enter into force in the second quarter.
Until now, the government has brought around $ 100 billion, but Besent believes that the collections will increase abruptly in the coming months.
“So we could expect that to exceed $ 300 billion by the end of the year,” Besent said.
A treasure spokesman said that the $ 300 billion objective corresponds to the end of the calendar of December 31, 2025, not at the end of the government fiscal year on September 30.
Reaching $ 300 billion in rates collections this year would imply an exponential increase in collections in the coming months and increases in steep and wide rates of current levels.
Besent added that the Congress Budget Office has estimated that the tariff income will total about $ 2.8 billion in 10 years, ‘which we believe is probably low.’
The treasure reported records of gross customs of $ 22.8 billion in May, an increase of almost four times with respect to the total of $ 6.2 billion the previous year.
That brought customs taxes during the first eight months of fiscal year 2025 to $ 86.1 billion. The collections for the first five months of calendar 2025 totaled $ 63.4 billion.
The treasure must inform the results of the June budget on Friday, which is expected to show another substantial increase in rates collections. As of June 30, combined customs and special taxes exceeded $ 122 billion for the fiscal year to date, according to the statement of daily treasury.
Trump has established a new deadline on August 1 for higher ‘reciprocal’ rates rates that will be applied to almost all commercial partners, with space for negotiations with some countries in the next three weeks for the agreements to reduce them lower.
“The great money will begin on August 1. I think it was clear today for the letters that were sent yesterday and today,” Trump said.
Trump also announced during the same cabinet meeting that would impose a 50% tariff to copper imports, a metal used in everything, from homes to electronic consumer products, vehicles, electricity grid and military hardware. He also said they approached more rates in semiconductors and pharmaceutical products.
