U.S. Treasury Secretary Scott Bessent is predicting record tariff revenue in coming months after President Donald Trump ratcheted up import duties on foreign nations around the world.
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Speaking at a cabinet meeting held in Washington, D.C. on Aug. 26, Bessent said that the Treasury Department is currently collecting record tariff revenues, with expectations for further increases in coming months.
“Think we’ll see tariff revenue jump in September,” said Bessent when addressing the media. However, the Treasury Secretary did not provide specific figures or details regarding the current tariff collection or the projected increase for September of this year.
Rising Duties
During the same meeting, Bessent addressed the U.S. Federal Reserve following President Trump’s firing of central bank Governor Lisa Cook. He said that “Fed independence comes from a political arrangement” and stressed that public trust is critically important to the central bank’s effectiveness.
“Public trust gives Federal Reserve its credibility,” said Bessent. The comments come as the Treasury Department continues to monitor trade policy impacts on government revenue, and as many economists worry that the U.S. Federal Reserve is in danger of losing its independence under President Trump.
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