US could collect $300 billion in tariff revenue this year: US Treasury chief | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Thursday
July 10, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
THURSDAY, JULY 10, 2025
US could collect $300 billion in tariff revenue this year: US Treasury chief

USA

Reuters
09 July, 2025, 12:25 pm
Last modified: 09 July, 2025, 04:49 pm

Related News

  • After US tariffs, jobs hang by a thread in Bangladesh's garments sector
  • World's top copper producer Chile in wait-and-see mode after Trump tariff bombshell
  • Vietnam to introduce measures to cope with US tariffs: trade official
  • China's factory-gate deflation worst in two years as trade war bites
  • Trump says steep copper tariffs in store as he broadens his trade war

US could collect $300 billion in tariff revenue this year: US Treasury chief

Bessent, speaking to a White House cabinet meeting, said the major collections from Trump's new tariffs only started during the second quarter, when Trump implemented a near universal 10% duty on US imports and boosted duties on steel, aluminum and autos

Reuters
09 July, 2025, 12:25 pm
Last modified: 09 July, 2025, 04:49 pm
US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, DC, US, June 27, 2025. Photo: REUTERS/Elizabeth Frantz/File Phot
US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, DC, US, June 27, 2025. Photo: REUTERS/Elizabeth Frantz/File Phot

Highlights:

  • Bessent says US has collected $100 bln in tariffs this year
  • US tariff income should exceed CBO estimates, Bessent says
  • Trump says "big money" to come in after Aug 1 tariffs start
  • US Treasury to report June tariffs, budget results on Friday

Treasury Secretary Scott Bessent on Tuesday said the US has taken in about $100 billion in tariff income so far this year, and this could grow to $300 billion by the end of 2025 as collections accelerate from President Donald Trump's trade campaign.

Bessent, speaking to a White House cabinet meeting, said the major collections from Trump's new tariffs only started during the second quarter, when Trump implemented a near universal 10% duty on US imports and boosted duties on steel, aluminum and autos.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

"So we could expect that that could be well over $300 billion by the end of the year," Bessent said.

A Treasury spokesperson said the $300 billion target corresponds to the December 31 end of calendar 2025, not the end of the government's fiscal year on September 30.

Reaching $300 billion in tariff collections this year would imply an exponential increase in collections in coming months and steep and broad tariff increases from current levels.

Bessent added that the Congressional Budget Office has estimated tariff income will total about $2.8 trillion over 10 years, "which we think is probably low."

The Treasury reported record gross customs duties of $22.8 billion in May, a nearly fourfold increase from the $6.2 billion total a year earlier.

That brought customs duty collections for the first eight months of fiscal 2025 to $86.1 billion. Collections for the first five months of calendar 2025 totaled $63.4 billion.

The Treasury is due to report June budget results on Friday, which are expected to show another substantial increase in tariff collections. As of June 30, combined customs and excise tax collections topped $122 billion for the fiscal year to date, according to the Daily Treasury Statement of accounts.

Trump has set a new August 1 deadline for higher "reciprocal" tariff rates set to kick in on nearly all trading partners, with room for negotiations with some countries in the next three weeks for deals to bring them lower.

"The big money will start coming in on August 1. I think it was made clear today by the letters that were sent out yesterday and today," Trump said.

Trump also announced during the same cabinet meeting that he would impose a 50% tariff on copper imports, a metal used in everything from housing to consumer electronics, vehicles, the power grid and military hardware. He also said further tariffs were coming on semiconductors and pharmaceuticals.

 

Top News / World+Biz

Trump Tariffs / Trump Trade War / Scott Bessent

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • CA orders police, BGB, Ansar to complete election preparation by December
    CA orders police, BGB, Ansar to complete election preparation by December
  • Representational image. Photo: Collected
    Bangladesh-US two-day tariff talks begin in Washington
  •  Chinese investors want better infrastructure in Bangladesh to boost joint ventures
    Chinese investors want better infrastructure in Bangladesh to boost joint ventures

MOST VIEWED

  • File Photo: Rajib Dhar/TBS
    Bangladesh faces economic impact as US introduces 35% tariff on exports
  • None saw it coming: What went wrong in Bangladesh’s tariff negotiation with US 
    None saw it coming: What went wrong in Bangladesh’s tariff negotiation with US 
  • Clashes took place between police and protesters in Sylhet on 2 August. Photo: TBS
    Hasina authorised deadly crackdown on protesters during 2024 July uprising, BBC verifies leaked audio
  • Bangladesh Bank Governor Ahsan H Mansur. TBS Sketch
    BB governor asks banks to create forced loans for unpaid import LCs
  • Representational image. Photo: TBS
    35% US tariff to be disastrous for Bangladesh's exports, say economists and exporters
  • Trump's 35% tariff zaps Bangladesh's $8.4 billion export lifeline
    Trump's 35% tariff zaps Bangladesh's $8.4 billion export lifeline

Related News

  • After US tariffs, jobs hang by a thread in Bangladesh's garments sector
  • World's top copper producer Chile in wait-and-see mode after Trump tariff bombshell
  • Vietnam to introduce measures to cope with US tariffs: trade official
  • China's factory-gate deflation worst in two years as trade war bites
  • Trump says steep copper tariffs in store as he broadens his trade war

Features

Women are forced to fish in saline waters every day, risking their health to provide for their families. Photo: TBS

How Mongla’s women are bearing the brunt of rising salinity

3h | Panorama
Dr Mostafa Abid Khan. Sketch: TBS

Actual impact will depend on how US retailers respond: Mostafa Abid Khan

1d | Economy
Thousands gather to form Bangla Blockade in mass show of support. Photo: TBS

Rebranding rebellion: Why ‘Bangla Blockade’ struck a chord

2d | Panorama
The Mitsubishi Xpander is built with families in mind, ready to handle the daily carpool, grocery runs, weekend getaways, and everything in between. PHOTO: Akif Hamid

Now made-in-Bangladesh: 2025 Mitsubishi Xpander

2d | Wheels

More Videos from TBS

Leaked audio: Jinping thought Trump was crazy

Leaked audio: Jinping thought Trump was crazy

50m | TBS World
What can be done to counter the impact of US tariffs?

What can be done to counter the impact of US tariffs?

1h | Podcast
Elections can be held before Ramadan if preparations are complete: Press Secretary

Elections can be held before Ramadan if preparations are complete: Press Secretary

2h | TBS Today
US signals tougher action if Gaza ceasefire talks fail

US signals tougher action if Gaza ceasefire talks fail

1h | TBS World
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net