Bessent told a White House Cabinet meeting that his prior estimate of a $300 billion annual tariff collection rate was too low.
Tariff revenue would offset the deficit increases triggered by the Republicans’ tax-cut and spending bill passed this year. CBO estimated this bill would widen the deficit by $3.4 trillion over the next decade.
The U.S. Treasury reported on Monday that as of August 22, the government had collected $29.6 billion in combined customs and excise taxes so far during August, matching its total for the whole month of July. As of July 22, that combined figure stood at $7.8 billion, but customs duty collections can vary from day to day.
upwardly revised estimate
The latest CBO estimate marks an increase from June when it forecast that revenue from new tariffs would reduce deficits by $3 trillion over 10 years. - Reuters
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