Bessent says US tariff revenues to rise ‘substantially’
US Treasury Secretary Scott Bessent, President Donald Trump’s broom tariffs brought to a big leap in revenues and money will be used to start paying the federal debt first, said the public members will not give discount checks.
Speaking in an interview with CNBC, Bessent said he expects to significantly review his previous estimation of $ 300 billion ($ 464 billion) in revenues from tariffs, but refused to be more specific.
Bessent emphasized that he did not talk to Trump about the idea of using funds from tariffs to create a dividend for citizens, but both were “laser -oriented” to pay the debt.
Bessent said, “I was saying that the tariff revenue could be 300 billion dollars this year. I will have to review this significantly.”
“We will reduce the deficit to GDP. We will start paying the debt and then it can be used as an offset to the American people at this point.”
The US economy said that the 1990s could return to “good, low inflationist growth ,, but Bessent said it accused higher interest rates for problems that disturb some pockets of the economy and disturbed the people with low -income households with housing and high credit card debts.
US Trade Department Tuesday in question Wind turbines, mobile cranes, bulldozers and other heavy equipment, wagons, furniture and hundreds of other products, such as steel and aluminum tariffs on more than 400 products were walking.
The section said that the 407 product category is added to the list of “derivative” steel and aluminum products covered by sectoral tariffs and that these products are added with 50 percent tariff in steel and aluminum content.
The section also adds imported parts for automotive exhaust systems and electrical steel required for electric vehicles to new tariffs.
A group of foreign automobile manufacturers called the department not to add parts, saying that the US did not have internal capacity to address the current demand.
New tariffs enter into force immediately and include compressors and pumps.
Under the Industrial and Security Trade Secretary, Jeffrey Kessler said, “Today’s action expands the access of steel and aluminum tariffs and closes roads for circumcision – supporting the continuous revival of American steel and aluminum industries,” he said.
Steel producers, including Cleveland Cliffs and others, filed a petition to the management to expand the tariffs to include additional steel and aluminum automobile parts.
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