FAMAGUSTA GAZETTE – The United States expects to collect $50 billion in customs revenue this month as higher tariffs on imports from dozens of countries take effect, Commerce Secretary Howard Lutnick said Thursday.
In an interview with Fox Business Network, Lutnick said the increase reflects the impact of President Donald Trump’s aggressive trade policy, which has expanded duties on goods from more than 100 countries.
The new levies target a wide range of imports, including semiconductors and pharmaceuticals.
The projected revenue marks a sharp rise from previous months.
The Treasury reported $28 billion in tariff collections in July, and economists expect monthly totals to climb further as new rates are implemented.
Customs duties now account for nearly 5% of total federal revenue, up from an average of 1.6% in previous decades. The administration has said the tariffs are aimed at reducing trade deficits and encouraging fairer trade practices.