Overview

• Treasury Secretary Scott Bessent said the U.S. has collected about $100 billion in tariff income so far in 2025 and projects that could exceed $300 billion by year-end
• Customs duties hit a record $22.8 billion in May after the administration imposed a universal 10% import levy and raised tariffs on steel, aluminum and autos in the second quarter
• The White House dispatched letters to 12 trading partners, including Japan, South Korea and Indonesia, warning that reciprocal tariff increases will take effect without extensions on August 1
• President Trump announced an immediate 50% tariff on copper imports and signaled forthcoming levies on semiconductors and pharmaceuticals during a cabinet meeting
• The Congressional Budget Office estimates that tariffs could generate about $2.8 trillion in revenue over the next decade, supporting the administration’s long-term fiscal projections