False2025-07
What is circulating
“On CBS's "Face the Nation" on 20 July 2025, Commerce Secretary Howard Lutnick said of Trump's tariffs: "this is going to pay off our deficit."”
Claimed by Howard Lutnick, Commerce Secretary · news report
The facts
PolitiFact rated the claim False. The Congressional Budget Office projected tariffs would reduce deficits by about $2.8 trillion over 10 years, against a projected 10 year deficit of almost $21.8 trillion. The tax and spending law Trump signed on 4 July 2025 was estimated to add $3.4 trillion to deficits, more than the projected tariff revenue.