Fact Check: Were Trump’s tariff revenues projected to eliminate the national debt?
No
Trump’s Liberation Day tariffs were projected to raise revenues that represented only a small fraction of the national debt.
The tariffs raised $79 billion in 2024 and $264 billion in 2025. Before they were ruled unconstitutional by the Supreme Court, and the revenues were rebated, they were projected to reduce deficits by $4 trillion over the next decade, according to the Congressional Budget Office.
The federal debt held by the public was $31.6 trillion in July 2026 and is projected to rise to over $54 trillion by 2036. Thus, $4 trillion is less than one-tenth of the projected publicly-held debt, even before rebated tariffs.
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Sources:
EconoFact | Fiscal and Economic Effects of Tariffs
Congressional Budget Office | An Update About CBO’s Projections of the Budgetary Effects of Tariffs
U.S. Treasury Fiscal Data | Debt to the Penny
Congressional Budget Office | The Budget and Economic Outlook: 2026 to 2036
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