During an interview with Bloomberg on Tuesday, Treasury Secretary Scott Bessent responded to a question on how tariffs can be a revenue raiser and part of a negotiation tactic to get reciprocity by stating that “to the extent that the tariffs are higher than what we had, it will raise revenues. And, as far as the negotiations, we’ll see.” But also that tariffs will raise revenue.
Bloomberg host Annmarie Hordern asked, “[T]he president comes out with tariffs, you’re working on the tax plan, he talks about tariffs being revenue raisers to offset the tax bill you’re working on. At the same time, you and the president also talk about a negotiation you’re willing to do to get reciprocity when it comes to other trading partners. How can it be both, revenue raising and a negotiation?”
Bessent answered, “Well, to the extent that the tariffs are higher than what we had, it will raise revenues. And, as far as the negotiations, we’ll see. And I can tell you, though, it’s not going to be possible to include the tariffs in the CBO scoring. So, that will be something running in the background. And, as the president said, we’ve taken in several hundred billion dollars on the China tariffs, but those don’t get scored.”
Later, he added that “Tariffs are going to raise revenues.”
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