Carney ends most counter-tariffs as Trump trade talks continue
The Impact of Trump’s Tariffs on U.S. Treasury Revenue
Recent estimates from the Peterson Institute suggest that Trump’s tariffs have generated around $94 billion in revenue for the U.S. Treasury as of June. In July alone, the government collected $29.6 billion, according to data from the Treasury Department.
Commerce Secretary Howard Lutnick, overseeing Trump’s tariff initiatives, expects revenue to reach approximately $50 billion for the month of August.
Trump expressed satisfaction with a report from the Congressional Budget Office, forecasting that if the tariffs remain in effect for the next decade, the government could generate a staggering $3.3 trillion in revenue while saving $0.7 trillion in borrowing costs. This could help alleviate the country’s massive national debt, currently standing at $37 trillion and climbing.
However, the CBO, a neutral body within Congress, cautioned that these projections are uncertain due to the unprecedented nature of Trump’s tariff policies. Additionally, the potential downside includes the possibility of U.S. businesses struggling under the tariffs, resulting in lower tax revenues from both corporations and their employees.
