U.S. Tariff Revenues Surge, Bessent Projects Over $500 Billion Annually

by Emmitt Barry, with reporting from Washington D.C. Bureau Staff

WASHINGTON, D.C. (Worthy News) –  U.S. Treasury Secretary Scott Bessent said Tuesday that annual revenues from President Donald Trump’s sweeping tariffs may exceed $500 billion, with August already showing a major surge in customs duty collections and September expected to climb even higher.

Speaking at a White House Cabinet meeting, Bessent acknowledged that his earlier projection of $300 billion a year had fallen short. “We had a substantial jump from July to August, and I think we’re going to see a bigger jump from August to September,” he said. “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.”

The influx of tariff revenue is helping offset the budgetary impact of Republicans’ recently passed tax-cut and spending package, which the Congressional Budget Office (CBO) previously estimated would expand the deficit by $3.4 trillion over the next decade.

Tariff Collections Soaring

According to Treasury data, U.S. customs duties surged in July by nearly $21 billion compared with July 2024, a sharp increase linked to higher tariff rates implemented on August 7. By August 22, the government had already collected $29.6 billion in combined customs and excise taxes for the month–equaling the entire July total.

The month-to-month jump highlights how tariffs have rapidly become one of the federal government’s largest single sources of revenue.

CBO Projects Bigger Deficit Cuts

Last week, the CBO revised its long-term forecast, projecting Trump’s tariffs could slash federal deficits by $4 trillion over the next 10 years, up from its June estimate of $3 trillion. Bessent said he expects that number to rise further as tariff collections accelerate.

“This is a meaningful step toward restoring fiscal balance while protecting American industries,” Bessent added.

The figures mark one of the clearest signs yet that Trump’s tariff strategy is reshaping both U.S. trade flows and Washington’s fiscal outlook.

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