The US could receive $600 billion a year from new tariffs - Bessent
Kyiv • UNN
According to the head of the US Treasury Department, customs fees can bring the country up to $600 billion per year. These funds will finance assistance to low-income Americans.
U.S. Treasury Secretary Scott Bessent stated that customs duties could bring his country up to $600 billion per year. This is reported by UNN with reference to The Wall Street Journal.
Details
Bessent noted that the Trump administration has already collected several hundred million dollars from new tariffs in addition to the $35 billion per year received from tariffs during Trump's first term. The head of the Ministry of Finance predicted that the annual revenue from the full list of tariffs announced on April 2, which Trump called "Liberation Day", could eventually reach $300 to $600 billion.
This revenue, the Minister of Finance added, will allow to finance four key proposals aimed at helping low-income Americans: abolition of taxes on tips, social insurance and overtime pay, as well as exemption from taxation of interest payments on auto loans issued in the US.
"Think about what the president is doing. He supports decisions on accessibility for the poorest 50 percent of employees, because they are the ones who will benefit from all four programs," Bessent said.
Recall
On Wednesday, April 2, 2025, U.S. President announced the introduction of new customs duties for certain countries. In particular, China - 34%, the European Union and Great Britain - 20%.
