U.S. Commerce Secretary Howard Latnik said today that he expects his country is on track to collect $50 billion a month in tariff revenue as higher taxes on imports from dozens of countries go into effect.

“And you’ll have semiconductors, pharmaceuticals, you’ll have all kinds of additional tariff revenue coming in,” Latnik said during an interview with the Fox Business Network.

When asked if the Aug. 12 deadline to reach a tariff deal with China could be extended again, the U.S. Commerce Secretary said it was possible.

“I think we’ll leave that to the trade panel and the president to make those decisions, but I have a feeling they’ll agree and they’ll extend that for an additional 90 days, but I’ll leave that to the panel.”