Back to today’s briefing

Story perspectives

Tariff Revenues to Cut Debt, But Consumer Costs Rise

8/20/2025

41 6

Summary

Story summary

Treasury Secretary Scott Bessent confirmed that tariff revenues will mainly be used to reduce the national debt, rejecting rebate checks for citizens.
S&P Global Ratings maintained the US's AA+ credit rating, noting tariffs contribute to fiscal stability amid rising debt concerns.
Economists caution that tariffs may raise consumer costs, potentially burdening the average taxpayer by $2,700 in 2026.

1 of 1

Story summary

Treasury Secretary Scott Bessent confirmed that tariff revenues will mainly be used to reduce the national debt, rejecting rebate checks for citizens.
S&P Global Ratings maintained the US's AA+ credit rating, noting tariffs contribute to fiscal stability amid rising debt concerns.
Economists caution that tariffs may raise consumer costs, potentially burdening the average taxpayer by $2,700 in 2026.