Treasury Secretary Scott Bessent previously said that he expects the U.S. to generate $300 billion of tariff revenue in 2025. Now, his estimate is even higher.
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“I’ve been saying that tariff revenue could be $300 billion this year. I’m going to have to revise that up substantially,” Bessent said in an interview with CNBC’s “Squawk Box” on Tuesday. “We’re going to bring down the deficit to GDP.” However, Bessent didn’t specify his new tariff revenue estimate.
Bessent Eyes Debt Reduction as Tariff Revenue Reaches Record High
President Trump’s wave of tariffs on key U.S. trading partners has pushed consumers to face an average tariff rate of 18.6%, the highest since 1933, according to The Budget Lab at Yale University.
U.S. tariff revenue in July reached a record high of $27.7 billion, compared to just $8 billion a year ago. Customs duties for the fiscal year ending September 30 total $135.7 billion, also a record high.
As for the extra tariff revenue, Bessent plans to use it to reduce U.S. debt. Once the debt is settled at a healthy level, it can be “used as an offset to the American people.”
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