The U.S. Treasury has collected about $100 billion in tariff income so far in 2025 and expects that figure to reach $300 billion by the end of the year, Treasury Secretary Scott Bessent said Tuesday during a White House cabinet meeting.
The increase comes as tariff collections accelerate under President Donald Trump’s expanded trade measures.
Bessent said the largest part of the collections began in the second quarter when the administration imposed a near-universal 10 percent tariff on U.S. imports and raised duties on steel, aluminium, and autos. A Treasury spokesperson clarified that the $300 billion estimate refers to the calendar year ending December 31, not the federal fiscal year ending September 30.
Reaching that total would require a sharp rise in collections over the next six months. Bessent said the Congressional Budget Office estimates total tariff income could reach $2.8 trillion over the next decade, though he suggested the final amount could be higher.
The Treasury recorded $22.8 billion in customs duties in May, nearly four times the $6.2 billion collected in the same month last year. Through the first eight months of fiscal 2025, customs duty collections totalled $86.1 billion.
For the first five months of the calendar year, the figure reached $63.4 billion. As of June 30, combined customs and excise tax collections totalled $122 billion for the fiscal year to date.
Trump has set August 1 as the date when higher reciprocal tariffs will take effect on nearly all trading partners. He said there is room for negotiations with some countries before the new rates begin.
During the same cabinet meeting, Trump also announced a 50 percent tariff on copper imports and said additional tariffs would follow on semiconductors and pharmaceuticals. Copper is used in construction, electronics, vehicles, power systems, and defence equipment.
