Bescent: Tariff revenue will exceed projections at the beginning of the year and will be used to pay off federal debt
2025-08-19 12:16:18
Mr. Bescent, the US Treasury secretary, said he expected tariff revenues this year to be significantly higher than the $300 billion he forecast at the start of the year, adding that the money would be used to start paying down the huge US federal debt. In an interview with CNBC, Mr. Bescent declined to give specific new revenue projections but said he and Mr. Trump were "fully focused" on reducing the debt. "I've always said that this year tariff revenues could be $300 billion, but I now have to raise that significantly," he said.
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