Listeners:
Top listeners:
-
play_arrow
U.S. Tariff Revenues Surge, Bessent Projects Over $500 Billion Annually
by Emmitt Barry, with reporting from Washington D.C. Bureau Staff
WASHINGTON, D.C. (Worthy News) – U.S. Treasury Secretary Scott Bessent said Tuesday that annual revenues from President Donald Trump’s sweeping tariffs may exceed $500 billion, with August already showing a major surge in customs duty collections and September expected to climb even higher.
Speaking at a White House Cabinet meeting, Bessent acknowledged that his earlier projection of $300 billion a year had fallen short. “We had a substantial jump from July to August, and I think we’re going to see a bigger jump from August to September,” he said. “So I think we could be on our way well over half a trillion, maybe towards a trillion-dollar number. This administration, your administration, has made a meaningful dent in the budget deficit.”
The influx of tariff revenue is helping offset the budgetary impact of Republicans’ recently passed tax-cut and spending package, which the Congressional Budget Office (CBO) previously estimated would expand the deficit by $3.4 trillion over the next decade.
Tariff Collections Soaring
According to Treasury data, U.S. customs duties surged in July by nearly $21 billion compared with July 2024, a sharp increase linked to higher tariff rates implemented on August 7. By August 22, the government had already collected $29.6 billion in combined customs and excise taxes for the month–equaling the entire July total.
The month-to-month jump highlights how tariffs have rapidly become one of the federal government’s largest single sources of revenue.
CBO Projects Bigger Deficit Cuts
Last week, the CBO revised its long-term forecast, projecting Trump’s tariffs could slash federal deficits by $4 trillion over the next 10 years, up from its June estimate of $3 trillion. Bessent said he expects that number to rise further as tariff collections accelerate.
“This is a meaningful step toward restoring fiscal balance while protecting American industries,” Bessent added.
The figures mark one of the clearest signs yet that Trump’s tariff strategy is reshaping both U.S. trade flows and Washington’s fiscal outlook.
Copyright 1999-2026 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
Latest News from Worthy News
Eight prominent Muslim-majority countries announced their decision this week to join U.S. President Donald Trump’s proposed Board of Peace, a move framed by its supporters as a step toward stability — but viewed in Israel with deep skepticism given past regional failures in Gaza.
Nigerian police have confirmed that a large group of Christian worshippers were kidnapped by suspected Muslim gunmen from three churches in a remote area of Nigeria’s northern Kaduna State, reversing an earlier denial that authorities said had been “widely misinterpreted.”
President Donald Trump called off tariffs on U.S. allies opposed to his plans to annex Greenland after announcing a tentative deal with NATO Secretary General Mark Rutte for a future deal on Greenland.
Israeli Prime Minister Benjamin Netanyahu has accepted an invitation from U.S. President Donald Trump to join the newly proposed Board of Peace, his office confirmed Wednesday, as a growing number of European governments signaled they will not participate in the initiative.
President Donald Trump said the United States is pursuing negotiations to acquire Greenland while ruling out the use of military force, framing the controversial proposal as a necessary security measure rather than an economic or mineral-driven ambition.
Gold prices surged to a record high on Wednesday as investors sought safety the deepest crisis in the transatlantic alliance in decades with U.S. President Donald J. Trump saying Europe “is not heading in the right direction.”
U.S. President Donald J. Trump marked one year since returning to the White House with a wide-ranging and often confrontational press conference, defending his record while renewing criticism of political opponents, major media outlets, and several U.S. allies.
WHO WE ARE
The Psalms, hymns, and spiritual songs encapsulate the beauty, wisdom, and eternal truths found in the Bible, creating an immersive experience that resonates with believers and seekers alike.
CONTACT
- +1 908 280-4246
- Essex County, USA
- info@tnjrfm.com