Bessent forecasts $300 billion from Trump tariffs by year-end
US Treasury Secretary Scott Bessent shared that tariffs introduced under former President Trump—like a broad 10% import tax and higher duties on things like steel and cars—are expected to pull in about $300 billion for the government by the end of 2025.
Some estimates say if these tariffs stick around, they could add up to about $2.8 trillion over the next decade.
Tariffs can slow down economic growth, make stuff more expensive
While this extra cash sounds good for federal finances, there's a catch: experts warn that long-term tariffs can slow down economic growth and make everyday stuff more expensive for everyone.
Businesses often pass those costs onto consumers, so you might see higher prices on things you buy.
Plus, with new tariff deadlines coming up and ongoing trade talks, there's a risk of more trade tensions ahead—which could mean fewer jobs or changes in how different industries perform.