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Protectionism

US Tariffs: Trump Administration Confirms August 1 Return, Potentially Reaching $300 Billion This Year

Strategic Insights

— 2 min read

The US Treasury Secretary Scott Bessent revealed that the country has collected $100 billion in tariffs so far this year, with the potential to reach $300 billion by December, according to a Cabinet meeting chaired by President Donald Trump. Trump confirmed that tariffs suspended earlier this year will return at even higher levels, with new duties of 25% on Japan and South Korea, and up to 40% on goods from other countries. This move comes as the administration faces pressure to fulfill its "90 deals in 90 days" promise, with only two firm agreements announced so far.

Key Takeaways:

  • The US has collected $100 billion in tariffs so far this year and may reach $300 billion by December, according to Treasury Secretary Scott Bessent.
  • Tariffs suspended earlier this year will return at even higher levels, with new duties ranging from 25% on Japan and South Korea to up to 40% on goods from other countries.
  • Indonesia was told to expect 32% tariffs, Bangladesh 35%, and Thailand 36%, while some African and Southeast Asian nations faced lower-than-expected rates.
  • Trump defended the move, saying that the current trading relationships were "unfortunately, far from Reciprocal," and warned that any retaliation would lead to "further escalation."
  • The US President has also threatened an additional 10% tariff on countries aligning with the BRICS bloc, accusing them of pursuing "Anti-American policies."
  • Trade diplomacy appears ongoing, with EU chief Ursula von der Leyen having a "good exchange" with Trump on trade during a Sunday call.

Statistics:

  • $100 billion: The amount of tariffs collected by the US so far this year.
  • $300 billion: The potential amount of tariffs the US may collect by December this year.
  • 25%: The new duty rate on goods from Japan and South Korea.
  • Up to 40%: The new duty rate on goods from other countries.
  • 32%: The tariff rate on goods from Indonesia.
  • 35%: The tariff rate on goods from Bangladesh.
  • 36%: The tariff rate on goods from Thailand.

Sources:

  • Times Content: "Tariffs to start coming in August 1, Trump says: US President says White House will not extend Freedom from Tariffs" (exact quote not verifiable)
  • Truth Social: Trump posted: "As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025. No extensions will be granted."
  • Times Content: "US Treasury Secretary: Tariffs could hit $300 billion by December" (exact quote not verifiable)
  • The European Commission: EU chief Ursula von der Leyen had a "good exchange" with Trump on trade during a Sunday call.

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