U.S. tariffs reached $31 billion in August, hitting a record high.

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U.S. tariff revenue surpassed $31 billion in August, setting a new monthly record.

The latest report from the U.S. Treasury Department shows that as of August 29, U.S. tariff revenue for August reached $31.37 billion, with a cumulative total of $183.56 billion for the current fiscal year. U.S. Treasury Secretary Bessent stated on social media:

August is over, and tariff revenue has exceeded $31 billion, reaching a historic high. As tariff revenue continues to grow, the Trump administration is working hard to clean up the fiscal mess it inherited.

In August, the Congressional Budget Office projected that Trump's tariff policies could reduce the budget deficit by about $4 trillion over ten years, including a $3.3 trillion reduction in the basic deficit and $700 billion in lower interest costs, higher than the previous estimate of $2.5 trillion.

Last week, Bessent estimated that U.S. annual tariff revenue could exceed $500 billion, far higher than the previous estimate of $300 billion. On August 26, he said:

I believe we are very likely to surpass $500 billion, or even approach $1 trillion. This administration has already made a substantial impact on the budget deficit.

However, according to CCTV reports, last week the U.S. Federal Court of Appeals ruled that most of Trump's tariff measures are illegal, finding that the President exceeded the authority granted by the International Emergency Economic Powers Act. The ruling will take effect on October 14, leaving a window for the White House to appeal to the Supreme Court.

Government Seeks Supreme Court Intervention

On September 2, Trump announced that the government would ask the Supreme Court on September 3 to expedite the review of the ruling. He told reporters:

Without tariffs, this country would fall into serious trouble. We have attracted nearly $17 trillion in investment, most of which is due to the tariff policy.

Bessent, meanwhile, stated that if the U.S. Supreme Court does not support the President's use of the International Emergency Economic Powers Act, the White House still has other means to implement import taxes. He said:

I believe the Supreme Court will uphold the President's authority to use the International Emergency Economic Powers Act. However, we have many other powers we can use, although they are not as efficient or as forceful as what we have now.

Previously, Wallstreetcn mentioned that facing judicial setbacks, the Trump administration may turn to "Plan B"—industry tariffs based on Section 232 of the Trade Expansion Act.

As a more mature and lasting independent law, Section 232 authorizes the President to take trade restriction measures, including tariffs, when imported products are found to threaten national security.

In the future, the Trump administration may simultaneously expand the scope of Section 232 tariffs to ensure the continuation of its trade agenda.

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