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 did not talk to Trump about the idea of using funds from tariffs to create a dividend for citizens, but both stressed that they were “laser -oriented” to pay the debt.
Today, @commercegov added 407 product category to the list of products containing steel and aluminums that are covered with Section 232 tariffs. As a result, the steel and aluminum content of these products will be subject to a 50%task ratio. Press printed printed
“I was saying that the tariff income could be 300 billion dollars this year. I will have to review this significantly.” He said.
He continued: “We will reduce the deficit to GDP. We will start paying the debt and then at this point can be used as an offset for the American people.”
The US economy could return to the 1990s “good, low inflationist growth”, but Bessent accused higher interest rates for problems that disturb some pockets of the economy, and uncomfortable low -income households with housing and high credit card debts.
The US Trade Department said that on Tuesday, wagons, furniture and hundreds of other products, including wind turbines, mobile cranes, bulldozer and other heavy equipment, including more than 400 products on products, he said.
The department said that 407 product category has been added to the “derivative” steel and aluminum products list within the scope of sectoral tariffs with 50 percent tariffs in the steel and aluminum content of these products.
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.
“Today’s action expands the access of steel and aluminum tariffs and closes the roads for circumcision – American steel and aluminum industries support 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.
