US Treasury Secretary Bessent says nothing has changed on tariff revenue and trade deals; The tariff collection is closer to USD 130bln, probably not USD 175bln

• Will get back to same tariff level for countries, and it will be less direct.
• Thinks that every country will honour the trade deals.
• Would call on all countries to honour their agreements and move forward.

Bessent's remarks highlight a stable outlook on tariff revenue, suggesting that expectations of heightened collections may be overestimated. This could signal continuity in trade relations, yet the implication of closer to USD 130 billion could affect market sentiments around USD strength and commodity pricing as it suggests less government revenue than anticipated. The emphasis on trade deal adherence may support risk-on sentiment, but any deviation could create volatility in related assets.