TARRIF CHECKS REBATE ON THE WAY

President Donald Trump gave an update on his plans to provide Americans with a tariff rebate check on Tuesday, telling reporters during a Cabinet meeting that levies are bringing "a lot of money" into the country. The president was vague about the prospects of rebate checks, but he assured there is a "concept" being worked on by the White House to partially refund Americans for their contributions. Trump added: "There's a possibility. Primarily we want to pay down debt, but there's a possibility that we take a piece of it and make a dividend to the people." Trump's reassurance came a week after Treasury Secretary Scott Bessent doubted the possibility of Americans ever seeing these checks. He explained on CNBC's "Squawk Box" last Tuesday that the administration's projected total of $300 billion in tariff revenue would be first applied to driving down America's national debt.

"We're going to bring down the deficit-to-GDP [ratio]. We'll start paying down the debt, and then at that point that can be used as an offset to the American people," Bessent told CNBC. The president officially instated aggressive tariffs in countries across the world back in April, in a day the administration dubbed as "Liberation Day." Since then, the U.S. has taken in $100 billion in tariff revenue, new reports show. In July alone, the US collected almost $30 billion in tariff revenue- 242% more than the same month last year, according to the Treasure Department. That figure is expected to accelerate in the coming months after Trump enforced "reciprocal" tariffs in early August. Trump had previously hinted at possibly reimbursing Americans for their tariff contributions, telling reporters last month 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 debt." We're thinking about a rebate," he added. "A little rebate for people of a certain income level might be very nice." Some lawmakers, such as Sen. Josh Hawley (R-Ark.), have already proposed using tariff revenue to send rebate checks of at least $600 per adult and dependent child, which means that a family of four could end up with around $2,400 from the federal government. Nevertheless, it remains unclear whether the administration will choose to move forward with rebate checks. Some experts have previously warned that if they become a reality, they could backfire by intensifying the price hikes caused by tariffs. "Doing stimulus checks might fuel inflation- at a point where tariffs are already inflationary. This just risks making the problem worse," Stephanie Roth, chief economist at Wolfe Research told CNN in early August. "It could become quite dangerous. Others point out that currently, there is no economic emergency that would justify rebate checks. Typically, stimulus checks are reserved for national emergencies, such as the Covid-19 pandemic, the Great Recession and following the Sept. 11 terror attacks. "From a political standpoint, it may be clever. But stimulus checks in a full employment economy is like dessert before eating your spinach," said David Kelly, chief global strategist at JPMorgan Asset Management. "We're running out of workers. If you give consumers more money to spend, it will just give you higher prices. Hon.Brian Scavo

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