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Bessent: US import tariff revenue could reach $1 trillion by year-end

27 August 2025 01:32 (UTC +04:00)

Revenues to the U.S. budget from import duties may approach $1 trillion by the end of the year, Treasury Secretary Scott Bessent said, APA reports.

"The Treasury Department is receiving record revenues from tariffs, which, as I said, will amount to $300 billion a year," he said, speaking at a regular cabinet meeting chaired by US President Donald Trump.

"You reproach me for saying that this amount is too small, and as usual, you are right. From July to August, we saw a significant jump, and I think that from August to September, we will see an even greater jump. So I think that we can exceed half a trillion and maybe approach one trillion dollars," the head of the Ministry of Finance said.

Bessent noted the reduction in the federal budget deficit since the beginning of Trump's term. "This administration, your administration, has reduced the budget deficit significantly," the secretary said. "On average, the budget deficit during this [presidential] term is 26% lower than the last 12 months under [previous US President Joe] Biden," he added.