Bessent expects higher tariff revenue, says will be used to pay debt

Published 19/08/2025, 13:18
© Reuters

Investing.com -- U.S. Treasury Secretary Scott Bessent said Tuesday that tariff revenues will be "substantially" higher than the $300 billion he previously forecast for this year.

Speaking in a CNBC interview, Bessent did not provide a specific new revenue figure but emphasized that the additional funds would be directed toward reducing the federal debt.

"I’ve been saying that tariff revenue could be $300 billion this year. I’m going to have to revise that up substantially," Bessent stated during the interview.

The Treasury Secretary added that both he and President Donald Trump are "laser-focused" on paying down the sizeable U.S. federal debt using these increased tariff revenues.

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