The United States is expecting $ 50 billion in tariff revenue, says the US head Lutnick, Lutnick

By Andrea Shalal and Maiya Keidan

Washington (Reuters) -US Commercial Secretary Howard Lutnick said on Thursday that he expects the country to collect 50 billion US dollars a month in tariff income or more -compared to $ 30 billion in the last month -since higher taxes for imports from dozens of countries.

“And then you will get the semiconductors, you will get pharmaceuticals, you will bring in all possible additional tariff money,” said Lutnick in an interview with Fox Business Network.

The higher tariffs of US President Donald Trump for imports from dozens of countries came into force on Thursday and increased the average US absorption to the highest century, with countries being faced with 10% to 50% tariffs.

On Wednesday, Trump also announced plans to raise a tariff of about 100% for imported semiconductor chips, unless the manufacturers undertake in America, as well as a small tariff for pharmaceutical imports that would increase over time to 250%.

Details of these sectoral tariffs are expected to investigate the effects of these imports on US security in the coming weeks after completing the trade department.

Lutnick announced Fox Business Network that companies could win exceptions from the expected semiconductor tariff if they submitted plans to build facilities in the USA, and these plans were monitored by an auditor.

“His goal is to do the production of semiconductors here,” he said, and predicted that the initiative would lead to an investment of 1 Billion US dollar to support domestic production.

Further exceptions have already been agreed, including the European Union, the said that the agreement on a tariff of 15% in most EU exports comprises chips, and with Japan, who explained that the United States have agreed to him not worse than other countries.

The advance to increase the domestic chip production is not new.

As part of the former President Joe Biden, the congress created a semiconductor and research subsidiaries program in 2022 a subsidy program of $ 52.7 billion, and all five semiconductor companies for the leading edges were agreed last year to find chip factories in the USA

Last year, the department said that the USA had produced around 12% of semiconductor chips worldwide, of 40% in 1990.

Lutnick, who was asked for separate talks with China when he extended a customs incremental on August 12, said that he was possible.

“I think we will leave this to the trade team and the president to make these decisions, but it probably feels that they can reach an agreement and extend it for another 90 days, but I leave it up to this team.”

(Reporting by Andrea Shalal and Maiya Keidan; Editor from Doina Chiacu and Andrea Ricci)