Treasury Secretary Scott Bessent said Tuesday that the Trump administration is considering using some of the money collected from tariffs to help lower the national debt.
“I think at a point we’re going to be able to do it,” Bessent said in an interview with CNBC. He added that he and President Donald Trump are “laser-focused on paying down the debt.”
Bessent explained, “I think that we’re going to bring down the deficit-to-GDP, we will start paying down debt, and then at a point that can be used as an offset for the American people.”
The nation’s debt—the total amount of money the U.S. owes—was nearly $37.2 trillion as of Aug. 18, according to the Treasury Department.
This huge number has fueled debates in Washington over government spending, taxes, and ways to reduce the growing deficit.
Bessent said he expects this year’s tariff revenue to come in higher than the previous $300 billion estimate. He didn’t give a new number, but said the total would be “substantially” more.
The U.S. collected over $29 billion in tariff revenue in July, the highest monthly total so far this year. According to the Treasury Department’s “Customs and Certain Excise Taxes” report released on Aug. 15, total tariff revenues have reached $156.4 billion.
As the Trump administration highlights the growing tariff revenue, U.S. businesses are the ones paying the higher import taxes to the government.
But the cost often gets passed on to consumers, as companies raise prices to cover the extra expense.
