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Treasury Secretary Scott Bessent said any refunds from tariffs struck down by the Supreme Court would amount to “ultimate corporate welfare,” suggesting he sees no benefit flowing to consumers.

Tariff revenue helped shrink the budget deficit by 17% in the first four months of the fiscal year, as the Supreme Court weighs whether President Trump had the authority to impose most of his duties.

December's deficit was $145 billion, per Treasury Department data. For the first three months of the 2026 fiscal year beginning Oct. 1, the shortfall came in at $602 billion.

Treasury Secretary Scott Bessent’s comments come after Trump and Xi spoke on Nov. 24, their first conversation since the two leaders met in Busan, South Korea, in October.

The deficit for the fiscal year was $1.78 trillion, down from $1.82 trillion in 2024, a drop of 2%, according to figures released by the Treasury Department Oct. 16.

The federal government logged a $1.8 trillion budget deficit for the 2025 fiscal year, little changed from 2024 despite a surge in tariff revenue, according to the Congressional Budget Office.

President Donald Trump said in a social media post that he and Chinese President Xi Jinping would be speaking Sept. 19.

Customs duties hit $30 billion last month, marking a 296% surge over August last year, the Treasury Department reported. At the same time, the monthly budget deficit came in at $345 billion.

U.S. tariff revenue reached a fresh monthly record in July, though the increase wasn’t enough to prevent a widening in the monthly budget deficit.

Treasury Secretary Scott Bessent said he will meet his Chinese counterparts in Stockholm next week for their third round of trade talks.