Treasury Secretary Scott Bessent said Tuesday that the Trump administration is weighing plans to apply part of the tariff revenue toward lowering the national debt. Secretary of Treasury Scott Bessent and President Donald Trump at the White House on March 7, 2025. The U.S. collected more than $29 billion in tariff revenues in July, the highest monthly total to date so far this year. According to the Treasury Department’s latest "Customs and Certain Excise Taxes" data, released on Aug. 15, total tariff revenues have reached $156.4 billion. (Brandon Bell / Getty Images)As the Trump administration touts rising tariff revenue, it’s U.S. businesses that pay those higher import taxes to the federal government.