US Treasury Secretary Scott Bessent said on Tuesday that the federal government has collected nearly $100 billion in tariffs so far this year and could reach $300 billion by the end of 2025, driven by sweeping new import duties under President Donald Trump’s trade campaign.
Speaking during a White House cabinet meeting, Bessent said the sharp uptick in collections began in the second quarter after Trump implemented a near-universal 10% tariff on all U.S. imports, along with higher duties on steel, aluminum, and automobiles.
“So we could expect that that could be well over $300 billion by the end of the year,” Bessent told the cabinet. A Treasury spokesperson later clarified that the projection refers to the calendar year 2025, not the fiscal year ending September 30.
To hit that figure, monthly tariff collections would need to accelerate dramatically, implying steep and broad increases in import duties in the months ahead. The Treasury Department reported a record $22.8 billion in gross customs duties for May alone nearly four times the $6.2 billion collected in May 2024.
Cumulative collections for the first eight months of fiscal year 2025 now stand at $86.1 billion, while calendar year-to-date collections through May hit $63.4 billion. As of June 30, the combined total of customs and excise tax collections reached $122 billion, according to the Daily Treasury Statement.
Bessent said the Congressional Budget Office (CBO) estimates that tariffs could raise $2.8 trillion over the next decade, a number he called “probably low.”
President Trump has set August 1 as the start date for his next wave of higher “reciprocal” tariff rates on nearly all trading partners, though some countries could negotiate reduced rates in the coming weeks. “The big money will start coming in on August 1,” Trump said at the meeting. “I think it was made clear today by the letters that were sent out yesterday and today.”
Trump also announced a new 50% tariff on copper imports, citing the material’s role in housing, electronics, vehicles, and national defense. He said similar measures were on the way for semiconductors and pharmaceuticals as part of what he called a broader push for “economic self-reliance and national security.”
The White House has not yet released full details of the August tariff changes or which countries may be exempt. Economists and trade analysts say the revenue gains could come at the cost of higher consumer prices and increased friction with global trading partners.
Erizia Rubyjeana
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