Trump economic adviser Hassett says tariffs to raise $3 trillion in new revenue in next decade

National Economic Council Director Kevin Hassett said that tariffs will raise $3 trillion in new revenue over the next decade.

"The bottom line is that President Trump has produced a huge amount of tariff revenue with the tariffs we've seen in the first half of the year," Hassett told ABC News on Sunday. "The Congressional Budget Office has said that tariff revenue over the next 10 years, which will help reduce the deficit and secure our entitlement programs, is $3 trillion. And consumers haven't seen that.

"You know, consumer price index, inflation rate now is the lowest it's been in over a decade. And so what President Trump has always said is that the foreign suppliers, the foreign governments are gonna bear most of the tariffs, it's being visibly seen, and I think that that's probably affecting his negotiating position, because we've got all this empirical evidence that his position has been proven correct in the data."

Hassett's comments come as foreign governments are negotiating trade deals with Trump ahead of his Aug. 1 deadline to increase tariffs on numerous countries.