President Donald Trump told reporters on Friday, July 25, that his administration is considering offering new rebates for Americans because the United States has “a lot of money coming in” from tariffs imposed on other countries, Newsweek reported.
Why It Matters
The Trump administration’s main goals are to crack down on immigration, curb drug trafficking, and reduce the trade deficit, which has led to him repeatedly announcing, suspending, and reinstating tariffs of varying rates on US trading partners. The president’s various tariffs have caused both market downturns and booms.
Economists and experts have expressed concern that Trump’s tariffs, which are effectively taxes on imported goods, will inevitably lead to a squeeze on Americans’ pockets. Trump has argued for his policy, saying the tariffs will cause people “some pain” but will be “worth the price” in the long run.
What To Know
President Trump told reporters outside the White House on Friday morning that the country has “so much money coming in that the administration is thinking about a little rebate, but the big thing we want to do is pay down the debt.”
As of now, the US debt is over $36 trillion, which is about 1.2 times the country’s GDP.
Trump, preparing to depart for Scotland, added, “A little rebate for people of a certain income level might be very nice.”
However, the president did not specify who would be eligible or the amount of the rebate.
As a result of the Trump administration’s new and fast-track tariff policies, US customs duties recently surpassed $100 billion for the first time in fiscal year 2025. According to the US Treasury Department, nearly $27 billion in customs revenue was collected in June alone.
Missouri Republican Senator Josh Hawley said on social media platform X on Friday, “I will introduce legislation in the Senate to send a rebate check to every working person in America.”