U.S. Treasury Secretary Scott Bessent stated that the country has already collected approximately $100 billion in tariff income this year, with expectations that the figure could exceed $300 billion by the end of 2025, driven by major tariffs introduced in the second quarter on imports such as steel, aluminum, lumber, cars, and copper, while long-term projections from the Congressional Budget Office estimate total tariff revenue could reach $2.8 trillion over the next decade despite differing views from the Treasury.
00:00Treasury Secretary Scott Besson on Tuesday said the U.S. received about $100 billion in tariff income so far this year, which could increase to $300 billion by the end of 2025.
00:12Yes, sir, we will have taken in about $100 billion in tariff income thus far this year, and that's with the major tariffs not having started until the second quarter.
00:24So we could expect that that could be well over $300 billion by the end of the year.
00:29We don't agree with CBO scoring, but for those who do, the CBO scored tariff income over the next 10 years at $2.8 trillion, which we think is probably as low.
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