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FIRST ON FOX: Texas Rep. Nathaniel Moran is turning tariffs into a debt-cutting tool, unveiling legislation that would funnel billions in new trade revenues into a trust fund aimed solely at shrinking America’s staggering $37 trillion national debt.
The Tariff Revenue Used to Secure Tomorrow (TRUST) Act would establish a special account at the Treasury Department called the Tariff Trust Fund. Starting in fiscal year 2026, any tariff money collected above the 2025 baseline level would automatically go into this fund. By law, that money could only be spent in one way: to shrink the federal deficit whenever the government is running in the red.
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“President Trump’s bold use of tariffs has already proven effective in bringing foreign nations back to the negotiating table and securing better trade deals for America. That short-term success has produced record-high revenues, and now we need to make sure Washington doesn’t squander them,” Moran told Fox News Digital.
“The TRUST Act ensures those dollars go where they are needed most—toward reducing our national debt and protecting the financial future of our nation.”
Rep. Nathaniel Moran, R-Texas, walks down the House steps after the final votes in the Capitol before Congress’ October recess on Wednesday, Sept. 25, 2024. (Bill Clark/CQ-Roll Call/Getty Images)
Moran’s legislation comes after the U.S. collected more than $31 billion in tariff revenues in August, the highest monthly total so far for 2025. Total tariff revenue for 2025 has reached more than $183.6 billion, according to the “Customs and Certain Excise Taxes” data released on Aug. 29 by the Treasury Department.
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Tariff revenues rose steadily from $17.4 billion in April to $23.9 billion in May, before climbing to $28 billion in June and reaching $29 billion in July. At the current pace,…
