US Treasury Secretary Scott Bessent said on 26 August that customs duties are on course for another sharp rise, predicting tariff revenue will "jump" in September after reaching a record US$30 billion in August—an annualised pace of about US$360 billion. Bessent told reporters the intake could approach US$500 billion on an annual basis and that "we’re on our way to a trillion," crediting the 145 percent tariff on Chinese goods that took effect in April and a series of new trade agreements negotiated by the Trump administration. Preliminary Treasury data show tariff collections have surged about 230 percent from the same period last year, lifting the effective tariff rate to roughly 11 percent on June import volumes. The additional revenue has helped narrow the federal budget deficit, which Bessent said is 26 percent smaller than in President Biden’s final 12 months. The Treasury chief added that the trade measures are starting to spur a "bigger CapEx boom" as companies adjust supply chains. President Donald Trump, speaking at a Cabinet meeting, said foreign partners are now paying "hundreds of billions of dollars straight into our Treasury" and hailed the levies as evidence the United States has "leveled the international trading system."