Could tariff revenue — on the scale Trump wants from his widespread tariff actions — solve the debt problem? No, experts say.

“The tariff income, which is effectively a tax on American consumers, would not generate the revenue needed to offset the new law, especially considering the on-again, off-again nature of them” so far under Trump, said Steve Ellis, president of Taxpayers for Common Sense, which tracks federal budget policy.

And if the idea is to lower tariff rates based on negotiations with trading partners — as Trump has indicated — there will be less revenue, Ellis said.