"We saw a big jump in August over July. I think September over August will be an even bigger jump. We could be on our way to north of $500 billion and maybe even toward $1,000 billion," Bessent said at a cabinet meeting at the White House on 26/8.

Bessent suggested this would mean a significant improvement in the budget deficit. The import tariff revenue would offset the deficit from the spending and tax cut legislation passed in July. The Congressional Budget Office (CBO) estimated this legislation would add $3,400 billion to the budget deficit over the next decade.

US treasury secretary Scott Bessent in Stockholm (Sweden) on 29/7. Photo: Reuters

US treasury secretary Scott Bessent in Stockholm (Sweden) on 29/7. Photo: Reuters

Customs data shows US import tariff revenue in July increased by nearly $21 billion compared to the same period last year, reaching $28 billion. Since the beginning of August, the US has started collecting higher tariffs from most of its trading partners. The new rates range from 10% to 50%.

Data released earlier this week by the US Treasury Department shows that as of 22/8, the US government collected $29.6 billion from customs duties and excise taxes in August. This figure has already equaled the entire month of July.

Last week, the CBO raised its forecast for budget revenue from import tariffs. They believe this revenue source will help reduce the deficit by an additional $4,000 billion over the next 10 years, up from the $3,000 billion forecast in June. "I think that number could go higher," Bessent said.

In an interview with CNBC on 19/8, Bessent said the US government would use the money collected from import tariffs to pay down the national debt. Previously, some US lawmakers proposed using this money to distribute to the public, with a minimum of $600 per adult and child.

Ha Thu (according to Reuters)