Tariffs aren't meant for revenue and will shrink over time, Bessent says

The purpose of tariffs is not to generate revenue, and their revenue-boosting benefits will eventually shrink as domestic tax receipts rise, Treasury Secretary Scott Bessent said Sunday.

Why it matters: President Trump keeps touting tariff revenue as a solution to various problems, even as the Supreme Court weighs whether the administration is using tariffs as an illegal tax. • Just Sunday morning, he promised tariffs would pay down the national debt and fund a $2,000 dividend for most Americans. • Administration officials have frequently talked about tariff receipts of up to $1 trillion a year offsetting deficits a decade from now.

The big picture: The tension about tariffs' true purpose was evident at the Supreme Court this week, as the government attempted to defend Trump's author