US expected to generate $300 billion in tariff revenue in 2025

Bessent told those in a Tuesday Cabinet meeting, "We've taken in about $100 billion in tariff income thus far this year, and that's with the major tariffs not having started until the second quarter. So we could expect that could be over $300 billion by the end of the year."

He went onto add that over the next 10 years, there will be over $2.8 trillion in government income generated by the tariffs.

The news of the tariff income comes on the heels of Trump announcing a series of tariffs on countries around the world that he said will go into place on August 1, 2025.

He released 12 letters to countries regarding US tariff policy on Monday, with letters being sent to Tunisia, Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos, Bosnia, Indonesia, Bangladesh, Serbia, and Myanmar.

On Truth Social, Trump also wrote regarding the tariffs on Tuesday, that there would not be any extensions on the policies.

"As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted. Thank you for your attention to this matter!" Trump wrote.