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chairman Donald Trump Long -touched tariffs as a major source of government revenue, and within a few months of their implementation, billions of dollars have already been swept away in federal coffeers.
The US collected more than $ 29 billion in tariff revenue in July, this year the highest monthly total. According to the latest “customs and some excise tax” data of the Treasury Department, the total tariff revenue has reached $ 158.3 billion for the revenue financial year, released on August 19.
Bessent says that tariff revenue can help pay the country’s $ 37.2T loan
The revelation comes on Trump’s widespread heels Tariff On imported goods – Federal government is passed to consumers through duties paid by American businesses but often through high prices.
A chart comparing 2024 and 2025 daily tariff revenue using the budget model of Pen Wharton based on the data of the Treasury Department. The number for inflation is not adjusted. (Pen Wharton Budget Model)
The tariff revenue increased from about $ 17.4 billion to $ 23.9 billion in April before climbing $ 28 billion in June and reaching $ 29.6 billion in July. At the present pace, the US could collect as much tariff revenue in only four to five months as it was during the previous year.
Trump said ‘so beautiful to see the tariff windfall’, ‘as cash sail’
On Tuesday, Treasury Secretary Scott Besant Said that he estimates the revision of this year’s tariff revenue estimates above the last $ 300 billion launch. While he did not give a new forecast, he emphasized that the total “largely” would be high.
A chart comparing 2024 and 2025 daily tariff revenue using the budget model of Pen Wharton based on the data of the Treasury Department. The number for inflation is not adjusted. (Pen Wharton Budget Model)
Besant also said that the White House is considering the possibility of using some tariff revenue to address the country’s growing loans, adding to a CNBC interview that he and Trump “are laser-focused on paying the debt.”
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Country’s loan, which is the amount of money for its creditors of America, is near $ 37.2 trillion According to the Treasury Department, till 20 August. The shocking figure has intensified the government’s spending, taxation and efforts to curb the balloon deficit for a long time in Washington.
“I think we are going to bring down a loss-to-GDP, we will start paying the loan, and then at a point that can be used as an offset for American people,” he said about tariff revenue.
