Trump reveals when Americans will benefit from eye-popping $300 billion in tariffs revenue
' Tariffs, as you know, are starting to come in at record levels,' Trump said during the latest the latest of his televised cabinet meetings Tuesday.
'We have made some deals. We can make a lot more deals. It's just too time consuming. It just makes it more complicated,' Trump said, a day after firing off his first letters to Japan and South Korea, a country that inked a 2012 free trade agreement with the U.S.
With deals only announced between the U.S. the United Kingdom as well as a separate deal with Vietnam, Trump attempted to shift the conversation to letters he is sending to heads of state announcing what tariff the country will face.
Trump again delayed the impact of his beloved tariffs from July 9th to August 1.
'The big money will start coming in on August 1,' Trump declared.
Bessent said the U.S. treasury could expect to take in over $300 billion by year's end due to new tariffs.
Critics have said those costs will be born by American consumers, but Trump has cheered the revenue coming into the Treasury.
The real estate and branding billionaire complained that 'we only adhere to the rules of other nations who charge us tremendous tariffs because we were led by stupid people, poor people without any business sense.'
Trump once again described U.S. trading partners as 'spoiled,' after sparking a global trade war by slapping on 'reciprocal tariffs' where he cited trade deficits the U.S. is running with various countries.
'They're very spoiled, because for years, they ripped us off, and we didn't have a president that understood,' Trump said.
Trump's trade letter to South Korea's new president Lee Jae myung sent South Korean officials to hold an emergency meeting, after earlier seeking to negotiate an agreement.
'The U.S. is imposing a 25 percent tariff on Korea because of trade deficits that it claims are 'engendered by Korea's Tariff and Non Tariff, Policies and Trade Barriers,'' wrote University of Michigan economics professor Justin Wolfers. 'But Korea has a free trade agreement with the U.S. It charges zero tariffs on nearly everything.'
In a sign of how rushed and chaotic the tariff struggle has been, Trump posted a letter to the Chair of the Presidency of Bosnia and Herzegovina, Željka Cvijanović, that accidentally addressed her as Mister President. About two hours later, Trump posted a corrected version calling her Madam President.
Industry-specific tariffs were also on the way, Trump said during the cabinet meeting.
'We'll be announcing something very soon on pharmaceuticals… after that, they're going to be tariffed,' Trump said, adding that the tariffs could eventually reach 'a very high rate, like 200 percent.'
White House Press Secretary Karoline Leavitt brandishes a letter President Donald Trump wrote to South Korean President Lee Jae-myung as the administration rolled out tariff letters in advance of a July 9 deadline
Trump also spoke about another sector-specific tariff on copper.
'Today we're doing copper,' Trump said. 'I believe the tariff on copper we're going to make it 50 percent.'
'We're picking a number that's low. We don't want to hurt them. And fair,' Trump said.
If Trump follows through with his copper tariffs, it will likely raise costs for U.S. manufacturers in construction, electronics, and renewable energy by making imported copper more expensive, which could fuel inflation in certain sectors and slow clean energy projects.
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