By Andrea Shalal and David Lawder
Washington (Reuters) -Treesury -Secretary Scott Bessent said on Tuesday that the US has taken up about $ 100 billion in tariff income this year, and this could grow to $ 300 billion by the end of 2025 while the collections of President Donald Trump's trade campaign are accelerating.
Bessent, who spoke with a cabinet meeting of the White House, said that the most important collections of Trump's new rates only started in the second quarter, when Trump increased an almost universal 10% obligation for the entry of the US implemented and tasks on steel, aluminum and cars.
“So we could expect that by the end of the year it could be more than $ 300 billion,” said Bessent.
A spokesperson for the Treasury said that the objective of $ 300 billion corresponds to the end of December 31 of calendar 2025, not the end of the fiscal year of the government on September 30.
Reaching $ 300 billion in tariff collections this year would imply an exponential increase in collections in the coming months and the steep and broad rate increases compared to current levels.
Bessert added that the Congressional Budget Office has estimated that the tariff income in 10 years will be around $ 2.8 trillion in total, “which we think is probably low.”
The Treasury reported record gross customs duties of $ 22.8 billion in May, an almost four -time increase compared to the total of $ 6.2 billion a year earlier.
That brought the Customs collections for the first eight months from tax 2025 to $ 86.1 billion. Collections for the first five months of calendar 2025 amounted to $ 63.4 billion.
The treasury will be reported on Friday in June budget results, which are expected to show a substantial increase in the tariff collections. From June 30, combined customs and excise duties were $ 122 billion for the tax year so far, according to the Daily Treasury reclamation statement.
Trump has established a new deadline of 1 August for higher “mutual” rates set on almost all trading partners, with room for negotiations with some countries in the coming three weeks for deals to lower them.
“The big money arrives on August 1. I think it was made clear today by the letters that were broadcast yesterday and today,” said Trump.
Trump also announced during the same cabinet meeting that he would impose a rate of 50% on the import of copper, a metal that is used in everything, from housing to consumer electronics, vehicles, the Power Grid and military hardware. He also said that further rates came to semiconductors and medicines.
(Reporting by Andrea Shalal and David Lawder; Writing by David Lawder and Bhargav Acharya; Edit by Susan Heavey and Sonali Paul)
