Treasury Secretary Scott Bessent indicated that the proposed $2,000 tariff checks, championed by former President Donald Trump, may require approval from Congress. Bessent’s comments come amidst ongoing discussions regarding the distribution of tariff revenue to American families.
In an interview on Fox News on March 12, 2023, Bessent mentioned that while the checks could potentially benefit “working families,” their implementation would depend on legislative action. He stated, “We will see. We need legislation for that,” when asked about the timeline for distributing the payments. Bessent noted that there would be income limits attached to these checks, although he did not provide specific details on what those thresholds would be.
The idea of tariff checks was first proposed by Trump in August 2022 as a means of redistributing revenue generated from protective tariffs. In a post on Truth Social, Trump suggested that a “dividend of at least $2,000 a person” would be distributed to most Americans, excluding high-income individuals. This concept aimed to return a portion of the funds collected from tariffs back to citizens.
Bessent reiterated the administration’s stance on trade, emphasizing that the initial tariffs were enacted to rebalance trade relations. He explained earlier this month on ABC’s This Week that while the tariff revenue could support these checks, there was no finalized plan for its usage. There is speculation that the payments might not only be direct cash but could also involve adjustments to tax policies affecting tips and Social Security payments.
Concerns have been raised by some economists regarding the potential inflationary impact of sending out checks during a time when inflation remains a critical issue for many households. Additionally, critics argue that such payouts could exacerbate the national debt, posing further challenges for the economy.
The ongoing discussions in Washington reflect a broader examination of how tariff revenues are managed and the potential implications for American families. As the situation develops, the need for clear legislative guidance will be crucial in determining whether these proposed payments materialize.
