US Section 301 Tariff Plan Projected to Generate $970 Billion Over 10 Years

The Trump administration is preparing to impose new Section 301 tariffs on imports from 60 economies. Estimates from the Committee for a Responsible Federal Budget suggest the measures could raise about $970 billion in net revenue over the next decade, bringing total tariff collections to roughly $1.9 trillion through fiscal year 2036. After the Supreme Court struck down tariffs under the International Emergency Economic Powers Act, the USTR launched investigations targeting forced‑labor practices, proposing an additional 12.5 % duty on many countries and a 10 % duty on others. Ambassador Jamieson Greer said, “The failure of our most important trading partners to address the importation of goods made with forced labor is unacceptable.” A public comment period ends on July 6, with a hearing scheduled for July 7. Despite the projected revenue, federal debt is still expected to reach 122 % of GDP by 2036.