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Sunday, Aug 16, 2026

Were Trump’s tariff revenues projected to eliminate the national debt?

Sharon Li, Econofact
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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