Bessent argues the American people already had the tariff money through the U.S. treasury.
“The American people had that money. And if I hear another Democratic legislature say make the inane remark, the American people should get the money.”
Bessent expresses confidence that tariff income will match or exceed last year's level, attributing most deficit increase to tariffs.
“I am confident that we will be back to a, the same level, if not higher, of tariff income for last year, and that is most of the increase in the deficit.”
Bessent forecasts 2026 tariff revenue will match 2025 levels and contribute to budget consolidation.
“I would expect that our 2026 tariff income is gonna be roughly what it was in '25, and we're gonna be able to keep that in terms of the budget consolidation.”
Bessent expresses confidence that Section 301 tariffs will return tariff income to 2024 levels or higher.
“with the section three zero one tariffs, I am confident that we will be back to a, the same level, if not higher, of tariff income for last year,”
Bessent cites estimates that cocaine trafficking through Mexico produces billions in annual cartel revenue.
“With Mexico as the primary destination for drugs leaving Ecuador, it is estimated that cocaine trafficking produces billions in revenue for cartels annually.”