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U.S. Tariff Revenue Projected to Rise Sharply, Aims to Reduce National Debt
U.S. Tariff Revenue Projected to Rise Sharply, Aims to Reduce National Debt
22
1
BTCCSquare news:
Treasury Secretary Scott Bessent has revised his earlier estimate of $300 billion in U.S. tariff revenue for 2025 upward, citing record-high collections. July's tariff revenue hit $27.7 billion, a stark increase from $8 billion the previous year. Fiscal year-to-date customs duties total $135.7 billion, the highest on record.
Bessent emphasized plans to allocate the additional revenue toward reducing the national debt, with the goal of bringing the deficit-to-GDP ratio down. "Once the debt is settled at a healthy level, it can be used as an offset to the American people," he stated during a CNBC interview. The average tariff rate now stands at 18.6%, the highest since 1933, driven by policies targeting major trading partners.
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