WASHINGTON: The US expects to gather US$50 billion or extra in tariff revenues every month as higher levies on imports from dozens of countries take impact, Commerce Secretary Howard Lutnick mentioned on Thursday (August 7).
The brand new determine represents a pointy improve from US$30 billion in month-to-month tariff revenue reported final month.
“After which you are going to get the semiconductors, you are going to get prescription drugs, you are going to get all types of further tariff cash coming in,” Lutnick informed Fox Enterprise Community.
TARIFFS ON CHIPS AND PHARMA TO BE ANNOUNCED
US President Donald Trump’s newest wave of tariffs took impact on Thursday, elevating the typical import responsibility to its highest stage in a century. Nations now face tariffs starting from 10 to 50 per cent.
Trump on Wednesday additionally introduced plans to impose a 100 per cent tariff on imported semiconductor chips except corporations decide to manufacturing within the US. Pharmaceutical imports will face a smaller preliminary tariff that might rise to 250 per cent over time.
Particulars of those sector-specific tariffs are anticipated within the coming weeks, pending the result of Commerce Division investigations into whether or not the imports pose nationwide safety dangers.
“His goal is to get semiconductor manufacturing carried out right here,” Lutnick mentioned, predicting the hassle may generate as much as US$1 trillion in funding to strengthen home manufacturing.
