Summary

When President Trump announced his plans for a new tariff regime, he said the action was “primarily to pay down debt, which will happen in very large quantity.” But fast-forward a little under a year, and the revenues generated by customs duties aren’t enough to make a dent in interest payments on national debt—let alone the headline figure. As of June 2026, U.S. national debt stands at $39.2 trillion , according to Treasury data .

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