(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, Aug 27 (KUNA) -- US Treasury Secretary Scott Bessent said he expects a significant jump in tariff revenues that could exceed USD 500 billion annually, following the new tariffs introduced by President Donald Trump.
Speaking during a Cabinet meeting at the White House on Tuesday, Bessent noted that revenues had already surged between July and August and may climb further in September, adding that his earlier estimate of USD 300 billion in annual tariff revenues had been an underestimate.
Bessent stressed that the new administration had successfully reduced the budget deficit substantially, paving the way for annual tariff revenues to surpass half a trillion dollars, and potentially approach USD one trillion.
Official data showed that customs revenues in July rose by 273 percent -- or USD 21 billion -- compared to the same period last year, after the Trump administration raised tariffs on most of Washington's trading partners.
On April 2, President Trump signed an executive order imposing reciprocal tariffs on most countries, based on the principle of mutual treatment. However, he clarified that tariff levels would vary from country to country.
Bessent also said the US has held discussions with China regarding tariffs as the two sides seek a trade agreement during a 90-day suspension of tariff increases. (end)
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