United States Expects to Collect $50 Billion per Month from New Import Tariffs, Says Commerce Secretary
The U.S. government projects a monthly revenue of at least $50 billion from import tariffs as new duties on products from dozens of countries come into effect. The estimate marks a significant jump from the $30 billion collected the previous month.
The forecast was announced Thursday (8) by U.S. Commerce Secretary Howard Lutnick in an interview with Fox Business Network. “You’re going to see revenue from semiconductors, pharmaceuticals, and all sorts of additional income flowing in,” he said.
The new tariffs, imposed by President Donald Trump, raise the average U.S. import tax rate to its highest level in a century, with duties ranging from 10% to 50% depending on the country and product category.
Among the newly announced measures is a tariff of up to 100% on imported semiconductor chips, unless manufacturers commit to building production facilities in the U.S. Pharmaceutical products may also face tariffs gradually increasing to 250%.
Additional details on the sector-specific tariffs are expected in the coming weeks, following the Department of Commerce’s investigation into the impact of certain imports on U.S. national security.
Lutnick noted that companies may apply for tariff exemptions if they submit concrete, audited plans to build manufacturing plants within the U.S. “President Trump’s goal is to bring semiconductor manufacturing back to America. This could generate as much as $1 trillion in industrial investment,” the Secretary said.
Bilateral agreements are already underway. The European Union has accepted a 15% tariff on most of its exports — including chips — while Japan has secured a guarantee that it will not face a higher rate than other countries.
The current initiative builds on momentum from the CHIPS Act, passed by Congress in 2022 under President Joe Biden, which allocated $52.7 billion in subsidies for U.S. semiconductor manufacturing. By 2024, all five major global chipmakers had announced plans to build factories in the U.S.
According to the Department of Commerce, the United States currently produces about 12% of the world’s semiconductors, down from 40% in 1990.
Lutnick also addressed ongoing talks with China to extend a tariff truce set to expire on August 12. “It seems likely that an agreement will be reached to extend it for another 90 days,” he said. “But I’ll leave that decision to the trade team and the president.”
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KELLY COUTO
