Bessent says tariff revenue could help pay down the nation's $37.2T debt

Treasury Secretary Scott Bessent said Tuesday that the Trump administration is weighing plans to apply part of the tariff revenue toward lowering the national debt.

"I think at a point we're going to be able to do it," Bessent said during an interview with CNBC, adding that he and President Donald Trump were "laser-focused on paying down the debt."

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"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," he said. 

Secretary of Treasury Scott Bessent and President Donald Trump look on during The White House Digital Assets Summit in the State Dining Room of the White House on March 7, 2025 in Washington, D.C.  (Anna Moneymaker/Getty Images / Getty Images)

The nation's debt, which is the amount of money the U.S. owes its creditors, is nearing $37.2 trillion as of Aug. 18, according to the Treasury Department. 

The staggering figure has intensified the long-standing debate in Washington over government spending, taxation, and efforts to rein in the ballooning deficit.

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The Treasury Building in Washington, D.C. is a National Historic Landmark building, which is the headquarters of the U.S. Treasury. In front of the building is located the bronze statue of Albert Gallatin by James Earle Fraser.  (Nicolas Economou/NurPhoto via Getty Images / Getty Images)

Bessent said he anticipates revising this year’s tariff revenue estimate above the previous $300 billion projection. While he did not offer a new forecast, he emphasized the total would be "substantially" higher.

The U.S. collected more than $29 billion in tariff revenues in July, the highest monthly total to date so far this year. According to the Treasury Department’s latest "Customs and Certain Excise Taxes" data, released on Aug. 15, total tariff revenues have reached $156.4 billion.

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In an aerial view, shipping containers are organized at the Houston Port of Authority on Feb. 10, 2025 in Houston, Texas. President Trump has announced that he will be imposing a 25% tariff on all foreign steel and aluminum imports into the U.S.  (Brandon Bell/Getty Images / Getty Images)

As the Trump administration touts rising tariff revenue, it’s U.S. businesses that pay those higher import taxes to the federal government. 

However, the cost often falls on consumers, as companies raise prices to offset the economic burden.