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Fortune

Eleanor Pringle

Trump says tariffs are going to be enough to pay down national debt. They likely won’t even touch the sides

Donald Trump Joao Gomes Desmond Lachman Fortune National Debt Wharton America AEI the White House United States

U.S. President Donald Trump (Credit: Win McNamee—Getty Images)

President Trump says his tariff revenues will both pay down America’s $37 trillion debt and possibly fund a public “dividend,” but Treasury data shows they fall short of even covering monthly interest costs. In exclusive interviews with Fortune, professor Joao Gomes of the Wharton School and AEI’s Desmond Lachman warned that while tariffs may slow debt growth, they won’t meaningfully reduce it. Markets are largely skeptical of Trump’s math despite some unconventional revenue wins.

President Trump has a two-pronged plan for the proceeds of his tariff regime. Firstly, he says, it’s going to pay down America’s $37 trillion national debt. Secondly, he’s considering sharing the spoils with the public.

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