US Treasury Secretary: "Tariff Revenues to Exceed $300 Billion This Year"

Tariff Revenues Surge from Second Quarter
Trump: "Large Sums Will Start Coming In from August 1"

U.S. Treasury Secretary Scott Besant has projected that this year's tariff revenues could exceed $300 billion (approximately 412 trillion won).

According to Reuters, Secretary Besant stated during a cabinet meeting at the White House on July 8 (local time) that tariff revenues so far this year have reached about $100 billion (approximately 137 trillion won), adding, "We expect the figure to far surpass $300 billion by the end of the year."

President Donald Trump has imposed a basic tariff of 10% on all countries worldwide starting from April 5. Separately, the implementation date for reciprocal tariffs targeting 57 economic entities (56 countries plus the European Union) has been postponed to the first of next month. In addition, item-specific tariffs ranging from 25% to 50% are currently being applied to steel, aluminum, automobiles, and auto parts, while tariffs on semiconductors, copper, and pharmaceuticals have also been announced.

Secretary Besant said, "As President Trump imposed tariffs of around 10% on most imports and raised tariffs on steel, aluminum, and automobiles, tariff revenues began to increase significantly from the second quarter."

For U.S. tariff revenues to reach $300 billion this year, the rapid upward trend must continue. According to fiscal balance data released by the U.S. Treasury Department, tariff revenues increased to $8.75 billion in March, $16.3 billion in April, and $22.8 billion in May. The May revenue of $22.8 billion was nearly four times higher than a year earlier. Tariff revenues for January through May this year totaled $63.4 billion.

Secretary Besant noted that while the Congressional Budget Office (CBO) projects tariff revenues of about $2.8 trillion over the next decade, "I view this figure as somewhat conservative."

President Trump stated on this day, "Large sums of money will start coming in from August 1. I believe this has been made clear by the letters sent yesterday and today." This remark is interpreted as referring to the anticipated increase in tariff revenues following the full implementation of reciprocal tariffs.