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.
Copyright 1999-2025 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
More Worthy News
Authorities say a Ukrainian politician who previously served as the parliament speaker has been shot dead in the western city of Lviv. Saturday’s killing came on the day that officials said Moscow launched more than 500 drones and 45 missiles against 14 regions, killing at least one person and wounding some 24 others, including children.
Christians in Indonesia urged prayers Saturday after at least four people died in violent protests sparked by outrage over privileges given to the country’s political elite and massive taxes, budget cuts, and the growing influence of the army.
Christians in Northern Ireland, once known for violence and religious divisions, are planning a new March for Jesus after thousands attended the event over the weekend.
The death toll from Russian rocket and drone strikes on the Ukrainian capital Kyiv continues to rise. Authorities said Friday that at least 23 people, including children, were killed overnight in the deadliest assault on the city in months.
Chinese authorities have charged a prominent house church leader in the coastal city of Wenzhou with “illegal business operations” over distributing sermon recordings, rights activists said Friday.
Christians in Northern Ireland, once known for violence and religious divisions, are planning a new March for Jesus after thousands attended the event over the weekend.
Christians on Wednesday urged prayers for the “swift and safe release” of three church members in northeastern Vietnam, including a Catholic priest, after security forces reportedly detained them during a home worship service.