Overview

• The Budget Lab at Yale estimates the new tariffs could raise about $2.4 trillion over ten years if they remain in place.
• Tariff receipts flow into the Treasury’s general fund, and any allocation requires congressional action.
• Sen. Josh Hawley has proposed sending rebate checks to Americans using a portion of the proceeds.
• President Trump says tariffs will help eliminate the national debt, while economists note the sums are small relative to a $37 trillion debt and roughly $2 trillion annual deficits.
• Future revenue is uncertain as it could fall if reshoring reduces imports, depends on whether a future president maintains the policy, and faces a Supreme Court review in November; the tariffs stay in effect until then.