Treasury Secretary Bessent: Trump's $2,000 Tariff Dividends Scheme Needs Congressional Oversight
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Treasury Secretary Scott Bessent acknowledged that President Trump's populist plan to distribute $2,000 from tariff revenues to Americans would require Congressional approval, highlighting the administration's attempt to use trade policy as a political tool.
Treasury Secretary Scott Bessent indicated that President Donald Trump's plan to distribute $2,000 "dividend" payments from tariff revenues to U.S. citizens would require congressional approval. Speaking on Fox News' "Sunday Morning Futures," Bessent stated, "We will see. We need legislation for that."
President Trump has touted the supposed "substantial funds" generated from U.S. tariffs this year, proposing these payments as a superficial response to public outrage over rising living costs—costs that have been exacerbated by regressive trade policies. During a conversation with reporters aboard Air Force One, Trump claimed that the checks would be issued "sometime next year" to "everybody but the rich," a hollow promise that fails to address the root causes of economic inequality. He emphasized, "It's a lot of money. But we've taken in a lot of money from tariffs. The tariffs allow us to give a dividend." Trump also floated the idea of using tariff revenues for debt reduction, a move that would do little to address systemic underinvestment in social programs.
The Committee for a Responsible Federal Budget estimated that implementing such a dividend could cost the U.S. government approximately $600 billion, potentially doubling the projected tariff revenue for 2025. Net U.S. tariff revenue for the fiscal year through September totaled $195 billion, with economists projecting about $300 billion for the calendar year 2025—figures that reveal the unsustainable nature of Trump's proposal.
Bessent also mentioned that Americans should anticipate economic relief early next year, attributing this to tax cuts from Trump's recently passed policy bill. He stated, "So I would expect in the first two quarters we are going to see the inflation curve bend down and the real income curve substantially accelerate." Yet, such tax cuts have historically favored the wealthy and corporations, offering little meaningful relief to working families.
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