WASHINGTON, DC – The United States has collected $100 billion in tariffs so far this year, according to Treasury Secretary Scott Bessent, and expects to reach $300 billion by year-end. Over a 10-year period, the Congressional Budget Office estimates total revenue from tariffs could top $2.8 trillion. President Donald Trump has set August 1 as the deadline for current tariff negotiations.
New tariffs include a 50% levy on imported copper, also effective August 1. That rate will also apply to imports from Brazil, which the U.S. cited for unfair trade practices and political concerns. Brazil plans to respond using its reciprocity laws.
Additional tariffs announced include 30% on imports from Algeria, Iraq, Libya, and Sri Lanka; 25% on Brunei and Moldova; and 20% on the Philippines. Sri Lanka, which sends about 40% of its garments to the U.S., is seeking further talks, citing the 30% rate as a disadvantage compared to regional competitors.
India is still in talks with Washington but has yet to reach agreement. Disagreements center on agriculture, dairy access, and competing tariff rates for major trading partners like Vietnam and China.
