When asked what President Donald Trump
...So far he's been unkillable, and they've tried....'s plan was with the tariffs, to either increase tax revenues for the US or create better trade deals with other countries, Bessent said that the administration is aiming for both points.
"So we're going to take in long term tariff revenue. We put a process in place. We have 18 important trading relationships. We will be speaking to all of those partners, or at least 17 of them, over the next few weeks, many of them have already come to Washington. What President Trump is referring to is the ability for tariff revenue to give income tax relief.
"And I think there's a very good chance that we will see this in the upcoming tax bill. The President campaigned on no tax on tips, no tax on Social Security, no tax on overtime, and restoring interest deductibility for autos, for American made autos, so tariff income could be used for tax relief on all those immediately," Bessent added.
When asked if there was a "role for significant tariff revenue in US fiscal policy," Bessent answered that tariffs will be able to "bring back American manufacturing and generate substantial revenues" in the US.