Trump claims tariffs brought in ‘trillions,’ US Treasury data shows $ 142 b: Forbes

Friday, 15 August 2025 06:07 - - {{hitsCtrl.values.hits}}

US President Donald Trump said on Tuesday that his tariffs have brought in “trillions of dollars” in revenue, a figure that aligns with some long-term estimates but far exceeds the actual amount collected to date, Forbes reported.

In a post on Truth Social, Trump said his tariffs have “not caused inflation” and instead have resulted in “massive amounts of cash” for the Treasury. However, tariffs are paid by US companies importing foreign goods, with costs often passed on to consumers, the report points.

According to US Treasury Department data, Customs duties have generated $ 142 billion so far in the current fiscal year, which ends in September. Since Trump’s tariffs took effect in April, they have raised about $ 96 billion.

Treasury Secretary Scott Bessent has said tariffs could bring in $ 300 billion annually, potentially more in 2026. The Tax Foundation projects $ 2.5 trillion in revenue over the next decade, while the Committee for a Responsible Federal Budget estimates $ 2.8 trillion by fiscal year 2034 if tariffs remain in place. Both forecasts warn of higher consumer prices, with the average household expected to pay nearly $ 1,300 more in 2025 and $ 1,700 in 2026.

While headline inflation fell to 2.7% in July, core inflation remained at 3.1% year-on-year. Economists, including JPMorgan’s Michael Feroli, have cautioned that Trump’s tariffs could push prices higher before year-end. Federal Reserve Chair Jerome Powell has said the full impact on inflation remains uncertain.

Trump has suggested rebate checks funded by tariff revenue. Senator Josh Hawley has introduced legislation to send $ 600 to each eligible adult and dependent child, with larger payments possible if revenues exceed projections. The bill has not yet been taken up in Congress.