Customs duties may reach a trillion dollars annually

US Treasury Secretary, Scott Besent, announced that the customs duties imposed by President Donald Trump may exceed $ 500 billion annually, and may reach a trillion dollars if the current increase continues, according to Reuters.
During a meeting of the Cabinet at the White House, Besent pointed out that previous estimates of $ 300 billion were “very conservative”, explaining that the recent data showed a major leap in the returns between July and August, with weightings with a greater increase in September. Besent confirmed that this exceptional increase contributed directly to reducing the US budget deficit, which is one of the main goals of the Trump administration. These figures are, according to the minister, new evidence that Washington is relying on customs duties not only as a pressure tool in commercial negotiations, but also as an effective source of financing for the federal treasury. Despite the criticisms that the final cost falls on the American consumer through high prices, Bessent stressed that the financial results are clear, as the administration achieves a tangible surplus compared to previous years, what It gives it a broader margin to face economic challenges.