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Scott Bessent Makes Shock Claim During Cabinet Meeting Tariff Revenues Could Reach A Trillion Dollars
Forbes Breaking News
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3 months ago
During a cabinet meeting on Tuesday, Treasury Secretary Scott Bessent claimed tariff revenues could reach "over half a trillion, maybe the towards the trillion dollar number."
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00:00
on the international front you have leveled the international trading system
00:04
whereby countries took advantage of us and that's over it's over the treasury department isn't
00:12
is taking in record tariff revenues that i had been saying was running at a rate of 300 billion a
00:19
year you chastised me for saying that it's not that that number is too low and as usual you're
00:27
right that we had a substantial jump from july to august and i think we're going to see a bigger jump
00:36
from august to september so i i think we could be on our way uh well over half a trillion maybe
00:46
the towards a trillion dollar number this administration your administration has made
00:51
a meaningful dent in the budget deficit the average budget deficit during this term
00:57
is 26 percent less than the last 12 months under botan and even the cbo and we don't agree with cbo
01:06
on everything as you said uh last friday on a summer friday had to admit that they believe over the next
01:15
10 years the budget deficit will be four trillion lower than they had previously scored four trillion
01:23
3.3 trillion of tariff income 700 billion of lower interest cost and you know i would expect that
01:32
that number could go up from here so mr president your return to the white house mark the return of the
01:39
american worker thank you for reclaiming labor day for the american people you're growing the economy for
01:45
everyone especially the middle and lower income households who suffered disproportionately under the last
01:52
administration and it's an honor to do this under your leadership great job you're doing great thank you very much
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