US Treasury Secretary Scott Bessent said that the United States has collected around US$100 billion in tariff revenue so far this year, and this figure could surge to US$300 billion by the end of 2025 as President Donald Trump’s trade campaign accelerates.
Speaking at a White House cabinet meeting, Bessent explained that major collections only began in the second quarter, following Trump’s imposition of a near-universal 10% tariff on US imports and higher duties on steel, aluminium, and automobiles.
“So we could expect that that could be well over US$300 billion by the end of the year,” Bessent said.
A treasury spokesperson clarified that the US$300 billion figure refers to the calendar year ending December 31, 2025—not the fiscal year ending September 30.
Reaching US$300 billion this year would indicate a significant ramp-up in tariff collections and substantial increases in both the rate and scope of tariffs.
Bessent added that the Congressional Budget Office (CBO) projects tariff revenues to total about US$2.8 trillion over the next decade, though he believes this estimate is likely too conservative.
According to the treasury, US customs duties hit a record high in May, reaching US$22.8 billion—almost four times more than the US$6.2 billion collected in the same month last year.
For the first eight months of fiscal year 2025, customs duties totaled US$86.1 billion, while calendar-year collections through May reached US$63.4 billion.
The Treasury Department is set to release the June budget figures on Friday, which are expected to reflect another sharp rise in tariff income. The Daily Treasury Statement showed that as of June 30, combined customs and excise tax collections exceeded US$122 billion for the fiscal year to date.
Trump has announced a new August 1 deadline for reciprocal tariffs on nearly all trading partners, though negotiations may still reduce duties for some countries in the next three weeks.
“The big money will start coming in on Aug 1. I think it was made clear today by the letters that were sent out yesterday and today,” Trump said.
He also announced a new 50% tariff on copper imports—used in housing, electronics, vehicles, power infrastructure, and defense—while signaling further tariffs on semiconductors and pharmaceuticals.
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