Scott Bessent Says US Tariff Revenues Could Top $1 Trillion, Slash Deficit by $4 Trillion

Bessent said he expects tariff revenues to climb further in September, with the Treasury already collecting record sums.

The U.S. Treasury Secretary said on Tuesday that the government is on track for record tariff revenues, with September expected to bring a sharp jump

“I think we could be well on our way to well over a trillion, maybe towards a trillion-dollar number,” he said during the Cabinet Meeting at the White House. Bessent added that tariff-driven revenue gains could slash the federal budget deficit by $4 trillion, with room for that figure to rise further. The remarks come as President Donald Trump prepares fresh duties on sectors including furniture, semiconductors and the pharmaceutical sector.

“The Treasury taking in record tariff revenues. I think we'll see a tariff revenue jump in September,” Bessent said. “You are restoring people's faith in the Fed,” he told Trump.

U.S. markets were in the green after trending in the red most of Tuesday. The SPDR S&P 500 ETF (SPY) was gained 0.17% in afternoon trade, the SPDR Dow Jones Industrial Average ETF (DIA) was up 0.12% and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) moved 0.21% higher. Retail sentiment around QQQ on Stocktwits remained in ‘neutral’ territory over the past day. 

In an interview with CNBC last week, Bessent said that while the revenue from tariffs is substantial, most of it will be used to pay off America’s debt. “I think, at a point, we’re going to be able to do it,” he said when asked if citizens could soon see tariff rebate checks. “But President Trump and I are laser-focused on paying down the debt.”

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