In a statement made on Tuesday, U.S. Treasury Secretary Scott Bicent revealed that the United States has collected nearly $100 billion in revenue from customs duties since the beginning of the year, with expectations that this figure will exceed $300 billion by the end of 2025.
Bicent explained during a ministerial meeting that the imposition of major customs duties actually began in the second quarter of this year, indicating the possibility of accelerated revenue collection in the second half.
The minister noted that the Congressional Budget Office estimates total customs revenue over the next decade at about $2.8 trillion, but the Treasury Department believes these estimates may be conservative given ongoing economic and political changes.
These statements come after President Donald Trump announced the postponement of reciprocal customs duties on several countries from July 9 to August 1, in an attempt to allow more time for trade negotiations.
Economists say that the increase in customs revenue reflects the government's ability to boost its financial resources amid current budget challenges, but they warn that these policies may have negative effects on the economy as a whole.
According to Mark Anderson from the Economic Policy Institute, tariffs raise the cost of imported goods, pushing companies to increase prices, and thus consumers face increasing inflationary pressures.
He also indicated that American companies relying on imported materials may face challenges in supply chains, which could weaken their competitiveness in global markets.
For her part, international trade researcher Sarah Lee stated that postponing the implementation of duties presents an opportunity to ease tensions through negotiations, but the continuation of disputes without clear solutions could negatively affect investor confidence and hinder economic growth.
Overall, experts believe that the customs duty policy reflects the administration's desire to support domestic industries and increase revenue, but achieving a balance between these goals and their impact on the macroeconomy, consumer prices, and global trade relations remains a complex challenge.
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