President Donald Trump on Friday said administration officials are considering using tariff revenue to provide rebates to Americans.

Speaking with reporters on the White House lawn, Trump was asked about the possibility of rebates “with all of that revenue coming in tens and tens of billions of dollars.”

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“We’re thinking about that, actually,” Trump said. “We have so much money coming in, we’re thinking about a little rebate. But the big thing we want to do is pay down debt. But we’re thinking about a rebate.”

A few seconds later, the president said, “a little rebate for people of a certain income level might be very nice.”

According to data published by the U.S. Treasury, revenues from customs duties reached $64 billion in the second quarter of this year, or $47 billion more than the same period last year, the Financial Times reported last week. 

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Trump also was asked about an eventual trade deal with the European Union.

“I would say that we have a 50-50 chance…maybe less than that…but a 50-50 chance of making a deal with the EU,” Trump said. “And it will be a deal where they have to buy down their tariffs because they’re right now at 30%, and they’ll have to buy them down, maybe.

“Or they could leave them the way they are. But they want to make a deal very badly. I would have said we have a 25% chance with Japan. And they kept coming back and we made a deal.”

The president suggested a deal with the EU could include a detail in the agreement with Japan.

“Don’t forget, Japan is putting up $550 billion. It’s a lot of money. And also paying tariffs,” said Trump, who added the biggest part of the Japan deal is that “we have the right to go in and trade.”

“They’ve totally opened Japan to the just to the U.S. That’s to me, the biggest part of the deal,” he said.

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Charlie McCarthy ✉

Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.

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