Treasury Secretary: US Could Collect $300 Billion in Tariff Revenue by 2025

Treasury Secretary Scott Besant said Tuesday that the United States has collected about $100 billion in tariff revenue so far this year, and that could rise to $300 billion by the end of the year.

Speaking at a White House Cabinet meeting, Besant added that the main revenue from the new tariffs only began to be collected during the second quarter of the year, when President Donald Trump imposed a near-total 10% tariff on US imports and increased tariffs on steel, aluminum, and autos.

“So we can expect that to be more than $300 billion by the end of the year,” Besant said.

A Treasury spokesperson said the $300 billion target corresponds to the end of December 2025, not the end of the government’s fiscal year on September 30.

Reaching $300 billion in tariff revenue this year would mean a massive increase in collections in the coming months, and sharp and widespread increases in tariffs from current levels. Bessent added that the Congressional Budget Office estimated that total tariff revenue would approach $2.8 trillion over 10 years, “which we believe is likely low.”

The Treasury Department announced record total tariff collections of $22.8 billion in May, nearly four times the $6.2 billion total the previous year.

This brings tariff collections for the first eight months of fiscal year 2025 to $86.1 billion. Total collections for the first five months of fiscal year 2025 totaled $63.4 billion.