US expects $50 billion a month in tariff revenues, Lutnick says

Commerce Secretary Howard Lutnick said on Thursday he expects the country is heading towards $50 billion a month in tariff revenues as higher levies on imports from dozens of countries kick in.

"And then you're going to get the semiconductors, you're going to get pharmaceuticals, you're going to get all sorts of additional tariff money coming in," Lutnick said in an interview with Fox Business Network.

When asked whether an August 12 deadline to reach a tariff agreement with China could be extended again, Lutnick said it was possible.

"I think we're going to leave that to the trade team and to the president to make those decisions, but it feels like likely that they're going to come to an agreement and extend that for another 90 days, but I'll leave it to that team."