Overview
- Scott Bessent said on CNBC that tariff revenues could total about $300 billion this year and that he and President Donald Trump are laser-focused on using the money to reduce federal debt.
- Treasury figures for July show $60.95 billion in interest payments versus $29.6 billion in tariff receipts, highlighting a shortfall between collections and borrowing costs.
- Economists cited in recent coverage argue projected tariff proceeds would be small relative to the more than $37 trillion gross national debt.
- Trump has also suggested tariff income could eventually finance a public dividend for citizens, framing the duties as both industrial and fiscal tools.
- The tariff program announced August 1 spans more than 90 countries, with negotiated carve-outs that include EU rates around 15%, a China reprieve, and a 90‑day delay for Mexico while steel, aluminum and some auto parts remain subject to duties.