Treasury Secretary Scott Bessent announced that the Trump administration has collected nearly $100 billion in tariff revenue this year, projecting total collections could reach $300 billion by year's end—equivalent to nearly 1% of GDP.
The announcement follows a $27 billion federal budget surplus in June 2025, which Bessent attributes to successful tariff policies. The government collected $26.6 billion in tariff revenue during June alone, representing a dramatic 321% increase from the $6.3 billion collected in June 2024. This marked the second consecutive month where tariff collections exceeded $20 billion.
"We've brought in nearly $100B in tariff revenue so far and are on track for $300B this year," Bessent stated on social media July 22. President Trump credited the June surplus to "good management and tariffs."
However, analysts note important context behind these figures. June typically represents one of the Treasury's largest revenue months due to quarterly estimated tax payments. The Congressional Budget Office also indicated that certain federal payments were shifted from June to May because June 1 fell on a Sunday, contributing to the apparent surplus.
Looking ahead, Bessent projects tariff revenue could reach "$300 billion to $600 billion a year," describing this as "very meaningful revenue." He outlined the administration's long-term strategy: while tariffs generate substantial initial revenue, the ultimate goal is incentivizing companies to relocate manufacturing to the United States.
As part of ongoing trade negotiations, Bessent mentioned an August 1 deadline for countries to finalize deals and avoid additional tariffs. Recent developments include Trump's announcement of a 15% tariff on Japanese imports as part of a new investment agreement.
The U.S. maintains an overall budget deficit exceeding $1.3 trillion through the first nine months of fiscal year 2025. Bessent remains optimistic about future fiscal improvements.
