Trump's Tariff Revenue to Grow in June, Treasury Data Shows

The US Treasury will release its budget data for June, which is expected to show a significant increase in tariff revenues. The data is expected to show that tariff revenues have exceeded $100 billion for the first nine months of the fiscal year. The Office of Congressional Budget Office has predicted a 90% increase in tariff revenues compared to the same period last year, implying an additional $20 billion in tariff revenue in June.

The U.S. Treasury is set to release its budget data for June, which is expected to show a substantial increase in tariff revenues. The data is anticipated to reveal that tariff revenues have surpassed $100 billion for the first nine months of the fiscal year. The Congressional Budget Office (CBO) has forecasted a 90% increase in tariff revenues compared to the same period last year, suggesting an additional $20 billion in tariff revenue in June alone [2].

Treasury Secretary Scott Bessent has previously indicated that the U.S. has collected approximately $100 billion in tariff income so far this year and that this figure could grow to $300 billion by the end of 2025 as collections accelerate from President Donald Trump's trade campaign [1]. The major collections from Trump's new tariffs only started during the second quarter, when Trump implemented a near universal 10% duty on U.S. imports and boosted duties on steel, aluminum, and autos.

The Treasury reported record gross customs duties of $22.8 billion in May, a nearly fourfold increase from the $6.2 billion total a year earlier [1]. As of June 30, combined customs and excise tax collections topped $122 billion for the fiscal year to date [1]. The Treasury is due to report June budget results on Friday, which are expected to show another substantial increase in tariff collections.

Trump has set a new August 1 deadline for higher "reciprocal" tariff rates set to kick in on nearly all U.S. trading partners, with room for negotiations with some countries in the next three weeks for deals to lower them. Those duties will bring in "the big money," Trump said [2]. Since those remarks on Tuesday, the U.S. president has put his tariff assault into overdrive, announcing 50% levies on copper imports and goods from Brazil and a 35% tariff on Canadian goods, all due to start on August 1 [2].

The CBO has estimated that tariff income will total about $2.8 trillion over 10 years, which Bessent believes is probably low [1]. While the tariffs are expected to generate significant revenue for the U.S. government, they also pose potential economic challenges, including higher prices for consumers and weaker corporate profits as firms absorb some of the cost [4].

The upcoming June budget data will provide further insight into the impact of President Trump's tariff policies on the U.S. economy and fiscal position.

References:
[1] https://ca.finance.yahoo.com/news/us-could-collect-300-billion-233511759.html
[2] https://www.investing.com/news/commodities-news/trumps-tariff-collections-expected-to-grow-in-june-us-budget-data-4132436
[3] https://m.economictimes.com/news/international/global-trends/us-received-100-billion-in-tariffs-so-far-may-hit-300-billion-by-year-end-says-scott-bessent/articleshow/122324837.cms
[4] https://think.ing.com/articles/how-president-trumps-plans-will-impact-the-us-deficit-monthly/