The United States is on track to potentially raise “well over $300 billion” in tariff income by the end of the year, Treasury Secretary Scott Bessent said during a July 8 White House Cabinet meeting.
“We have taken in about $100 billion in tariff income thus far this year,” Bessent said. “That’s with the major tariffs not having started till the second quarter.”
In April, the Trump administration announced a 10 percent tariff on all global imports. It came into effect in May. At the time, the White House said it expected the tariff to impact $3 trillion in goods imported by the United States annually….