speaking at a White House cabinet meetingnoted that the bulk of new tariff income only began in Q2
The Treasury's latest figures show record customs revenue, with May alone bringing in $22.8 billion—nearly four times the amount collected a year earlier. Tariff collections in the first eight months of fiscal 2025 total $86.1 billion, and $63.4 billion over the first five months of the calendar year.
Meanwhile, in the same meeting Trump confirmed a new 50% tariff on copper imports, with additional levies planned for semiconductors and pharmaceuticals.
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