<p>U.S. Treasury Secretary Scott Bessent said on Tuesday that customs duty revenues from President Donald Trump&#8217;s tariffs may top $500 billion a year, with a substantial jump from July to August and likely a bigger jump in September.</p>
<p>Bessent told a White House Cabinet meeting that his prior estimate of a $300 billion annual tariff collection rate was too low.</p>
<p>&#8220;We had a substantial jump from July to August, and I think we&#8217;re going to see a bigger jump from August to September,&#8221; Bessent said. &#8220;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.&#8221;</p>
<p>Tariff revenue would offset the deficit increases triggered by the Republicans&#8217; 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>
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<p>Trump&#8217;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>
<p>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>
<p>Bessent also noted that the Congressional Budget Office&#8217;s upwardly revised estimate last week of federal revenue from Trump&#8217;s tariffs, forecasting that it could reduce federal deficits by $4 trillion over 10 years. &#8220;And I would expect that that number could go up from here,&#8221; Bessent added.</p>
<p>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>
<p>(Reporting by David Lawder; Editing by Mark Porter and David Gregorio)</p>

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‘Substantial Jump’: U.S. Tariff Revenue Could Be Well Over $500 Billion A Year

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‘Substantial Jump’: U.S. Tariff Revenue Could Be Well Over $500 Billion A Year