Tariff revenues hit a record $31 billion in August as the Trump administration continues negotiating trade agreements with key partners.
“Now that August is in the books, tariff revenues topped over $31 billion in the month: a new record high,” Treasury Secretary Scott Bessent announced in a social media post on Saturday. “As collection continues to grow, the Trump Administration is fixing the financial shambles it inherited.”
The post included a chart showing steady growth in tariff revenue since Trump unveiled his tariff strategy in April. Since then, the U.S. has reached trade deals with Japan, South Korea, and the European Union, granting American exporters full market access while partners agreed to tariffs of 25% or more. Negotiations with China on a final framework are still underway.
Bessent projects tariff revenues could surpass $500 billion in 2025. “We had a substantial jump from July to August, and I think we’re going to see a bigger jump from August to September,” Bessent 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.”
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The treasury secretary reiterated his optimistic outlook during a Fox News interview earlier this week, predicting that GDP growth could significantly increase. “Every $300B adds 1% to GDP,” he said, adding, “With tariffs alone, growth could hit 5%.”
“Just with the tariff income, we’re going to be in the fives, which is incredible,” he continued, adding that the transition was like running a marathon, “and starting five miles before everybody else.”
Bessent also noted a change in the tone of some mainstream media over the past several weeks. “You’re starting to see in the mainstream media, whether it’s Wall Street Journal or The New York Times… people are getting addicted to tariff income,” he said.
