WASHINGTON, August 26. /TASS/. Customs duty revenues from US President Donald Trump's tariffs could reach $1 trillion by the end of this year, US Treasury Secretary Scott Bessent said.

Speaking at a White House Cabinet meeting headed by the president, he said that his prior estimate of a $300 bln annual tariff collection rate was too low.

"We had a substantial jump from July to August, and I think we're going to see a bigger jump from August to September. So I think we could be on our way well over half a trillion, maybe towards a trillion-dollar number," Bessent said. "This administration, your administration, has made a meaningful dent in the budget deficit," he noted.