US Treasury Secretary Scott Besant expects the country's revenue from increased import tariffs to begin to decline soon due to changes in trade flows. However, the White House's plan is for the tariffs to simultaneously help create new industries, the taxes from which will offset the budget cuts.
„Tariff revenue will initially be significant, but will decline over time. But until then, domestic tax revenue will increase, as corporate tax revenue and income taxes from newly created high-paying jobs increase“, Besant said in an interview with ABC News.
According to him, the main purpose of the increased tariffs is to change the trade balance and production chains in the United States. The minister believes that this process should stimulate domestic investment activity in the country and the opening of new enterprises.
In August, Besant noted that he expects approximately 1 trillion USD in budget revenues from import tariffs by the end of 2025. In late July, Commerce Secretary Howard Lutnick said that the United States could generate approximately 7 trillion USD in tariff revenues over 10 years.
On April 2, Trump announced the introduction of higher tariffs on products from 185 countries and territories. Later, the American leader adjusted the tariff rate for a number of countries.