Scott Bessent announced that the US collected $100 billion in tariffs in the first months of the year, with an acceleration in Q2.

At a Cabinet meeting, Scott Bessent reported that the US collected about $100 billion in tariffs in the first months of the year, with an increased pace in the second quarter due to new tariffs imposed by the Trump administration. Those tariffs include a 10% across-the-board tax on imports and increases on steel, aluminum and autos. Estimates suggest a total collection of $300 billion by the end of 2025, with the tariffs broadly applied. From August 1, new reciprocal tariffs are expected for almost all trading partners.