U.S. Treasury Secretary Scott Bessent told a White House Cabinet meeting on Tuesday that customs duties generated by President Donald Trump’s expansive tariffs could top $500 billion in 2025, far above the $300 billion pace he projected earlier this year. Bessent said the government may ultimately “be on our way well over half a trillion, maybe toward a trillion-dollar number.” Treasury data show the acceleration already under way. On 22 August alone, customs officials collected almost $23 billion, helping drive month-to-date tariff receipts to $29.6 billion—roughly equal to the entire July haul. Collections have reached about $150 billion so far this year, and Bessent forecast a sharper jump in September following tariff rate increases that took effect on 7 August. The secretary argued that the windfall is narrowing the federal budget gap. The Congressional Budget Office last week lifted its 10-year estimate of tariff revenues, saying they could reduce cumulative deficits by about $4 trillion, up from a $3 trillion projection in June. Speaking after the Cabinet meeting, President Trump said the administration is considering distributing a “dividend” to Americans funded by tariff revenue, although he stressed that debt reduction remains the priority. No details or timetable for such a payout were provided.