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Bessent Reinstates Tariffs, Citing Refunds’ GDP Impact

8/21/2026

36 7 Full Breakdown

Summary

Story summary

U.S. official Bessent announced the administration is reinstating tariffs.
Bessent blamed tariff refunds for weak GDP and a rising deficit.
Bessent said tariff refunds are temporary and will not be used again.
Bessent expects 2026 tariff income to be roughly equal to 2025 levels.
Bessent said the tariff policy aims to stabilize the deficit without harming growth.

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Story summary

U.S. official Bessent announced the administration is reinstating tariffs.
Bessent blamed tariff refunds for weak GDP and a rising deficit.
Bessent said tariff refunds are temporary and will not be used again.
Bessent expects 2026 tariff income to be roughly equal to 2025 levels.
Bessent said the tariff policy aims to stabilize the deficit without harming growth.