United States Treasury Secretary Scott Besant said that revenue from tariffs, which are being gradually introduced by President Donald Trump, could reach $500 billion annually.
Besant said yesterday, at a cabinet meeting at the White House, that his previous estimate of annual revenue of $300 billion was too low, Reuters reported.
"We had a significant jump from July to August and I think we're going to see an even bigger jump from August to September. This administration has seen a significant decline in the budget deficit," he said.
Revenue from customs duties would offset the increase in the budget deficit caused by tax cuts and a spending bill passed by Republicans this year.
Besant said on Monday that the US government collected $29,6 billion from customs duties during August.
He added that the Congressional Budget Office (CBO) has revised its estimate of federal revenue from Trump's tariffs, and has predicted that they could significantly reduce the budget deficit.
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