U.S. Treasury Secretary Scott Bessent said the U.S. has already collected about $100 billion in duties this year, and that amount could rise to $300 billion by the end of 2025 thanks to accelerating revenues from President Donald Trump's new trade measures, Reuters reports. 

Speaking at a Cabinet meeting at the White House, Bessent noted that the major collections from the new duties didn't start coming in until the second quarter - after Trump imposed a nearly across-the-board 10 percent duty on U.S. imports and raised tariffs on steel, aluminum and automobiles.

“We expect the amount could exceed $300 billion by the end of calendar year 2025,” Bessent clarified, adding that we are talking specifically about the calendar year (through Dec. 31), not the fiscal year, which in the U.S. ends Sept. 30.

Reaching this level would mean a sharp increase in duty volumes in the coming months and a marked expansion of tariffs compared to current rates. 

The Congressional Budget Office estimates that duty revenues could total about $2.8 trillion over 10 years, although the Treasury Department says that projection is an underestimate. 

Record figures are already in

The U.S. Treasury Department reported a record $22.8 billion in gross customs duties for May alone - nearly four times more than the $6.2 billion in the same month a year earlier. Duties have already brought in $86.1 billion in the first eight months of the current fiscal year, and $63.4 billion in the first five months of calendar 2025.

The new data for June, which the Finance Ministry will release on Friday, is expected to show even greater growth. As of June 30, combined revenues from customs and excise duties reached $122 billion.

New tariffs effective Aug. 1 

President Trump confirmed that new “mirror” tariffs will be imposed on nearly all U.S. trading partners starting Aug. 1. That leaves a three-week negotiating period for some countries to soften those rates.

"The big money will start coming in on August 1. The letters sent out yesterday and today make that clear," Trump stated.

In addition, Trump announced a 50 percent duty on imports of copper, a key metal for housing, electronics, the auto industry, the power grid and the military. He also warned that new tariffs on semiconductors and pharmaceuticals would soon be imposed.