Trump Says 'Big Money Coming in on August 1' During Cabinet Meeting Update on Tariffs

TIME

U.S. President Donald Trump says he expects "big money" to come in from tariffs on August 1, 2025. Speaking during a Cabinet meeting, Trump says Aug. 1 is the hard deadline for the new tariff rates to be paid, deflating expectations of more delays.

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00:00The tariffs, as you know, are starting to come in at record levels.

00:04Tremendous amounts of money are coming in to our country.

00:07We never did that before. We're not used to it.

00:09We only have tariffs going out.

00:11We only adhere to the rules of other nations

00:14who charge us tremendous tariffs

00:16because we were led by stupid people

00:19or people without any business sense.

00:21And I'd like to ask God you could maybe talk a little bit

00:25about how well we're doing with regard to the money coming in.

00:29The big money will start coming in on August 1st.

00:33I think it was made clear today by the letters

00:36that were sent out yesterday and today.

00:38Go ahead, please.

00:39The President, yes, sir.

00:40We will have taken in about $100 billion in tariff income

00:44thus far this year, and that's with the tariff —

00:47the major tariff not having started until the second quarter.

00:51So we could expect that that could be well over $300 billion

00:55by the end of the year.

00:56We don't agree with CBO scoring,

00:58but for those who do, the CBO scored tariff income

01:03over the next 10 years at $2.8 trillion,

01:05which we think is probably low.

01:07The Greatest

01:07So we've got to see you on the next 10th.

01:08Thanks so much for watching.

01:09Thanks so much for watching.

01:11Thanks, everybody!

01:12Bye!

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