00:00U.S. Treasury Secretary Scott Besson says customs duties from President Trump's tariffs could top $500 billion a year, far higher than earlier estimates.
00:11He explained collections typically jump from July through September and could even push revenues towards $1 trillion, helping to narrow America's budget deficit.
00:21Besson said his earlier forecast of $300 billion was too low.
00:30He now argues the tariff windfall will offset the shortfall created by the Republicans' tax cuts and spending bill passed this year.
00:38The Congressional Budget Office had projected that legislation would widen the deficit by more than $3 trillion over the next decade.
00:45But Besson said updated estimates show tariffs could actually cut deficits by $4 trillion and possibly more if collections keep rising.
