President Donald Trump has long touted tariffs as a key source of government revenue, and within just a few months of their implementation, billions of dollars have already flowed into federal coffers.
The U.S. collected more than $29 billion in tariff revenues in July, the highest monthly total this year. According to the Treasury Department's latest "Customs and Certain Excise Taxes" data, released on Aug. 19, total tariff revenues have reached $158.3 billion for the fiscal year.
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The revelation comes on the heels of Trump's sweeping tariffs on imported goods - duties paid by U.S. businesses to the federal government but often passed on to consumers through higher prices.
Tariff revenues rose steadily from approximately $17.4 billion in April to $23.9 billion in May, before climbing to $28 billion in June and peaking to a cool $29.6 billion in July. At the current pace, the U.S. could collect as much tariff revenue in just four to five months as it did over the entire previous year.
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On Tuesday, Treasury Secretary Scott Bessent said he anticipates revising this year's tariff revenue estimate above the previous $300 billion projection. While he did not offer a new forecast, he emphasized the total would be "substantially" higher.
Bessent also said that the White House is considering the possibility of using some of the tariff revenue to address the nation's surging debt, adding in a CNBC interview that he and Trump are "laser-focused on paying down the debt."
The nation's debt, which is the amount of money the U.S. owes its creditors, is nearing $37.2 trillion as of Aug. 20, according to the Treasury Department. The staggering figure has intensified the long-standing debate in Washington over government spending, taxation and efforts to rein in the ballooning deficit.
"I think that we're going to bring down the deficit-to-GDP, we will start paying down debt, and then at a point that can be used as an offset for the American people," he said of the tariff revenues.
