U.S. Treasury Secretary Scott Bessent said tariff revenues this year will far exceed the $300 billion estimate he issued earlier in 2025 and that the windfall will be directed toward paying down the federal debt and lowering the deficit as a share of gross domestic product. In an interview on CNBC’s “Squawk Box,” Bessent declined to give a new dollar forecast but said the revision would be “substantial.” The Treasury has already collected more than $156 billion in tariff income through July, including a record $29 billion last month. He added that China remains the single largest source of the levies. Bessent put the U.S. national debt at roughly $37.2 trillion and said reducing the burden is a top priority for both himself and President Donald Trump. The secretary also reiterated his view that lower interest rates could revive homebuilding and support growth, predicting stronger economic momentum in the fourth quarter and into 2026.