Scott Bessent predicts $300B+ in tariff revenue for 2025

Treasury Secretary Scott Bessent on Tuesday announced that the U.S. could take in more than $300 billion in tariff revenue in 2025 during the presidential Cabinet meeting.

"We've taken in about $100 billion in tariff income thus far this year and that's with the major tariff not having started until the second quarter. So we expect that could be well over $300 billion by the end of the year," he said.

The announcement represents a win for the administration, which has positioned tariffs as both a means of equalizing trade and raising revenue. It further comes amid a report from the Council of Economic Advisors that found the tariffs were not driving inflation.

"[A]fter decomposing the Personal Consumption Expenditure Price Index into imported and domestic components, found that the prices of imported goods have not only fallen this year, but also declined faster than overall goods prices since February," the report stated. "These findings contradict claims that tariffs or tariff-fears would lead to an acceleration of inflation."