Quick overview

---

Treasury Secretary Scott Bessent revealed that the United States collected $100 billion in tariff revenue so far this year. As collections from President Donald Trump’s trade campaign accelerate, this amount could reach $300 billion by the end of 2025.

Bessent claimed that the significant revenue from Trump’s new tariffs had only begun in the second quarter, when he increased duties on steel, aluminum, and automobiles, and imposed a nearly universal 10 percent duty on US imports. According to Bessent, “So we could expect that could be well over $300 billion by the end of the year.”

A Treasury spokesperson noted that the $300 billion target aligns more with the calendar year ending December 31 than the fiscal year ending September 30. Achieving $300 billion in tariff collections this year would require steep and widespread tariff hikes from current levels, along with an exponential increase in collections in the months ahead.

According to the Congressional Budget Office, tariff revenue is expected to reach $2.08 trillion over ten years, “which we think is probably low,” Bessent added. In May, the Treasury reported record gross customs duties of $22.8 billion, nearly four times the $6.2 billion collected the previous year. This led to $86.1 billion in customs duty collections for the first eight months of fiscal 2025.

The total collected in the first five months of 2025 was $63.4 billion. On Friday, the Treasury is expected to release its June budget figures, likely another substantial increase in tariff collections.

The Daily Treasury Statement indicates that as of June 30, total customs and excise tax collections for the fiscal year-to-date exceeded $122 billion. Trump has set a new deadline of August 1 for implementing higher “reciprocal” tariff rates on nearly all trading partners. However, there remains time to negotiate deals with some countries over the next three weeks.