The United States could collect up to $300 billion in tariff revenue by the end of this year, Treasury Secretary Scott Bessent told a White House cabinet meeting, attributing the bulk of the projected income to the new wave of import duties imposed under President Donald Trump.
Bessent stated that around $100 billion has already been collected, but he expects a sharp acceleration in the months ahead.
“So we could expect that that could be well over $300 billion by the end of the year,” he said.
A Treasury spokesperson clarified that the $300 billion figure is based on calendar year 2025, ending December 31, and not the U.S. government’s fiscal year, which concludes on September 30.
Achieving this target would require a dramatic increase in tariff collections, suggesting both steep and widespread hikes in import duties beyond current levels.
Bessent also noted that the Congressional Budget Office (CBO) projects tariff revenues to total approximately $2.8 trillion over the next decade, a figure he believes is likely underestimated.
In May, the Treasury reported a record $22.8 billion in gross customs duties, a significant jump from $6.2 billion in the same month last year. This brought the total for the first eight months of fiscal 2025 to $86.1 billion, and $63.4 billion for the first five months of the calendar year.
According to the Daily Treasury Statement, combined customs and excise tax collections reached $122 billion as of June 30, with further increases expected when the June budget report is released on Friday.
Trump’s August 1 Tariff Hike Deadline Approaches
President Trump has set August 1 as the deadline for a sweeping expansion of “reciprocal” tariffs on nearly all trading partners. While some countries may negotiate adjustments in the coming weeks, Trump made it clear that the bulk of the new tariffs would take effect as scheduled.
“The big money will start coming in on August 1. I think it was made clear today by the letters that were sent out yesterday and today,” Trump told cabinet members.
During the same meeting, Trump also announced plans to impose a 50% tariff on copper imports, a critical material used in housing, electronics, vehicles, energy infrastructure, and military hardware. He added that new tariffs on semiconductors and pharmaceuticals are also in the pipeline.
