Bessent defends Trump's tariffs against claims they harm US businesses

Core Viewpoint - Treasury Secretary Scott Bessent emphasized that the short-term costs of tariffs are outweighed by long-term benefits to U.S. competitiveness, arguing for more time to assess the impact of President Trump's economic agenda [1][4]. Tariff Revenue - The U.S. collected over $31 billion in tariff revenues in August, marking the highest monthly total for 2025, with total tariff revenue for the year exceeding $183 billion [5]. - Bessent indicated that tariff revenue could be utilized to help reduce the national debt, which is currently at $37.4 trillion as of September 5 [5]. Economic Impact - Bessent stated that the Trump administration anticipates a "substantial acceleration" in economic activity in the fourth quarter, highlighting the need for time to build factories and create jobs [4]. - The administration is committed to maintaining global tariff rates, despite a recent appeals court ruling that the power to set tariffs lies with Congress [7][8].