By David Lawder<\/p>\n
(Reuters) -U.S. Treasury Secretary Scott Bessent said on Tuesday that customs duty revenues from President Donald Trump’s tariffs may top $500 billion a year, with a substantial jump from July to August and likely a bigger jump in September.<\/p>\n
Bessent told a White House Cabinet meeting that his prior estimate of a $300 billion annual tariff collection rate was too low.<\/p>\n
“We had a substantial jump from July to August, and I think we’re going to see a bigger jump from August to September,” Bessent said. “So I think we could be on our way well over half a trillion, maybe towards a trillion-dollar number. This administration, your administration, has made a meaningful dent in the budget deficit.”<\/p>\n
Tariff revenue would offset the deficit increases triggered by the Republicans’ tax-cut and spending bill passed this year. CBO estimated this bill would widen the deficit by $3.4 trillion over the next decade.<\/p>\n
Trump’s tariffs drove July U.S. customs duty collections up by nearly $21 billion from the $7 billion collected in July 2024 and about even with the $20 billion increase registered in June. Significant increases in tariff rates for nearly all trading partners kicked in on August 7.<\/p>\n
The U.S. Treasury reported on Monday that as of August 22, the government had collected $29.6 billion in combined customs and excise taxes so far during August, matching its total for the whole month of July. As of July 22, that combined figure stood at $7.8 billion, but customs duty collections can vary from day to day.<\/p>\n
Bessent also noted that the Congressional Budget Office’s upwardly revised estimate last week of federal revenue from Trump’s tariffs, forecasting that it could reduce federal deficits by $4 trillion over 10 years. “And I would expect that that number could go up from here,” Bessent added.<\/p>\n
The latest CBO estimate marks an increase from June when it forecast that revenue from new tariffs would reduce deficits by $3 trillion over 10 years.<\/p>\n
(Reporting by David Lawder; Editing by Mark Porter and David Gregorio)<\/p>\n","protected":false},"excerpt":{"rendered":"By David Lawder (Reuters) -U.S. Treasury Secretary Scott Bessent said on Tuesday that customs duty revenues from President…\n","protected":false},"author":2,"featured_media":99549,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,57762,46,862,24729,12400,57761],"class_list":["post-99548","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-ca","tag-canada","tag-customs-duty","tag-economy","tag-president-donald-trump","tag-revenue","tag-scott-bessent","tag-u-s-treasury"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/99548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=99548"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/99548\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/99549"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=99548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=99548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=99548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}