US Finance Minister Scott Bessed said Tuesday (8.8.2025) that the US has so far received about $ 100 billion this year from duties And that they could increase to $ 300 billion by the end of 2025 as the proceeds from the president’s trade campaign accelerates Donald Trump.
Speaking at a meeting of the White House cabinet, Bessed said that large revenue from the new Republican duties began only in the second quarter, when Donald Trump applied a nearly universal duty of 10% to the US and a 10% universal duty. “So, we could expect that it could far exceed $ 300 billion by the end of the year,” Bessed said.
A ministry spokesman said the target of $ 300 billion corresponds to the end of the calendar 2025 on December 31 and not the end of the government’s financial year on September 30.
Achievement of $ 300 billion in duties this year would mean an exponential increase in receipts in the coming months and abrupt and widespread duties from today’s levels.
Bessed added that the Congress Budget Office has estimated that tariff revenue will amount to about 2.8 trillion. dollars over 10 years, “which we believe is rather low”.
The Ministry of Finance announced a record of gross duties of $ 22.8 billion in May, almost four times the total of $ 6.2 billion a year earlier. This led to customs duties for the first eight months of the financial year 2025 to $ 86.1 billion. Revenue for the first five months of the calendar 2025 amounted to $ 63.4 billion.
The Ministry of Finance is expected to announce the results of the June budget on Friday (11.7.2025), which are expected to present another significant increase in duties. Since June 30, combined receipts from customs and special consumption taxes exceeded $ 122 billion for the financial year to date, according to the daily Treasury statement, a new account tab is being opened.
Trump has set a new deadline on August 1st for higher “reciprocal” tariff rates that are going to begin to apply to almost all commercial partners, with the margins of negotiations with some countries in the next three weeks for agreements that will reduce them.
“The big money will start coming on August 1st. I think this was made clear today from the letters sent Monday and today, “Trump said.
Trump also announced during the same cabinet meeting that it would impose a 50% duty on copper imports, a metal used in everything, from housing to wide consumption electronics, vehicles, electricity network and military material. He also said that further duties are coming to semiconductors and medicinal products.