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Monthly tariff income hit a record high of $31 billion in August.
The Treasury’s latest daily statement shows revenue from customs duties was $31.7 billion last month, and $183.56 billion in the fiscal year to date.
Treasury Secretary Scott Bessent hailed the news in a post on X: “Now that August is in the books, tariff revenues topped over $31 billion in the month: a new record high. As collection continues to grow, the Trump Administration is fixing the financial shambles it inherited.”
At the end of last month, Bessent said he expected tariff income to exceed his initial projection of $300 billion a year.
“I think we could be on our way well over half a trillion, maybe towards a trillion-dollar number,” Bessent said.
The Congressional Budget Office has projected that Trump’s tariffs could lower the national budget deficit by about $4 trillion over a decade, up from a previous estimate of $2.5 trillion.
At the end of last month, the US Court of Appeals ruled that Trump’s “reciprocal” tariffs are illegal, but allowed them to remain in force until 14 October, giving the Trump administration time to challenge the court’s decision in the Supreme Court.
The Court of Appeals ruled that the president had overstepped his authority under the 1977 International Emergency Economic Powers Act (IEEPA).
“The statute bestows significant authority on the President to undertake a number of actions in response to a declared national emergency, but none of these actions explicitly include the power to impose tariffs, duties, or the like, or the power to tax,” the court stated.
Trump responded in a social-media post that ending the tariffs “would be a total disaster for the Country.”
“It would make us financially weak, and we have to be strong. The U.S.A. will no longer tolerate enormous Trade Deficits and unfair Tariffs and Non Tariff Trade Barriers imposed by other Countries, friend or foe, that undermine our Manufacturers, Farmers, and everyone else. If allowed to stand, this Decision would literally destroy the United States of America.”
Trump said his administration will ask the Supreme Court for an expedited review of the ruling.
“Without the tariffs, this country is in serious, serious trouble. We’ve taken in almost $17 trillion of investment [which] is coming in. Most of it is coming because of tariffs,” the president told reporters.
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