Bessent says tariff revenue will go to national debt before rebate checks

Treasury Secretary Scott Bessent said the Trump administration was “laser focused” on paying down the national debt with tariff revenue, dismissing the idea of rebate check disbursement within the next few months. 

"I've been saying that tariff revenue could be $300 billion this year. I'm going to have to revise that up substantially," Bessent said during a Tuesday appearance on CNBC's “Squawk Box.” 

"We're going to bring down the deficit to GDP. We'll start paying down the debt, and then at that point that can be used as an offset to the American people."

The national debt stands at $37.21 trillion and has the potential to grow after GOP lawmakers passed the One, Big Beautiful Bill Act, which increased the debt ceiling. Earlier this year, President Trump said he was considering a "little rebate" for Americans but has shown no movement toward providing checks since.

The White House has continued to make deals with foreign trade partners, securing higher tariff rates and business agreements. 

On Thursday, the Trump administration announced the details of an agreement with the European Union, which agreed to pay a 15 percent tax on exports while saying it would invest billions in the U.S. private sector. 

The Treasury secretary said after additional measures, Americans could look to receive funds from generated revenue. 

“I think, at a point, we’re going to be able to do it,” Bessent told CNBC.

His comments come a month after Republican Sen. Josh Hawley (Mo.) proposed the federal government pay $600 per adult and dependent child with tariff profits, but some have warned against eager payouts.

“What should be happening now with any extra income is to pay down the national debt,” Shark Tank investor Kevin O’Leary said during a CNN appearance.

He added that, “the greatest gift you can give to the future is to pay down the debt, which is just really, really big.”