‘Maybe we could persuade Americans to save that,’ Scott Bessent says on $2,000 Trump checks to curb potential inflation

The Trump administration is considering sending Americans $2,000 checks funded by tariff revenues, Treasury Secretary Scott Bessent suggested on Tuesday (November 18), while also encouraging recipients to save rather than spend the payments to avoid potential inflationary effects.

“Maybe we could persuade Americans to save that,” Bessent told Fox News, discussing President Trump’s proposal for a so-called “tariff dividend.”

‘Trump Accounts’ could encourage saving

In an effort to mitigate inflation, the administration plans to launch “Trump accounts” for children born between 2025 and 2028. Each account would be seeded with $1,000 from the US Treasury, with parents able to contribute up to $5,000 annually.

Bessent explained, “One of the things that's going to happen next year is the start of ‘Trump accounts’ to save for kids.”

Dividend checks could begin in 2026

President Trump indicated that the $2,000 checks could start going out in mid-2026. “It will be next year. The tariffs allow us to give a dividend. We’re going to do a dividend and we’re also going to be reducing debt,” he said aboard Air Force One en route to Mar-a-Lago.

Bessent cautioned that legislation would be required to actually authorize the payments, which remains uncertain. An estimate suggests the program could cost as much as $450 billion.

Income threshold under discussion

Bessent said the administration is considering limiting the dividend to households earning under $100,000. “Well, there are a lot of options here that the president’s talking about a $2,000 rebate and those — that would be for families making less than, say, $100,000,” he told Fox & Friends previously.

He added that no final decision has been made: “We haven’t. It’s in discussion.”

Trump highlights tariff revenue gains

President Trump promoted the plan on his Truth Social account on November 9, asserting that Americans would benefit directly from tariff revenues. “People that are against Tariffs are FOOLS! ... A dividend of at least $2000 a person (not including high-income people!) will be paid to everyone,” he wrote.

He also emphasized the broader economic picture: “We are now the Richest, Most Respected Country in the World, With Almost No Inflation, and A Record Stock Market Price. 401k’s are Highest EVER."

Economic impact and legal hurdles

According to a Yale Budget Lab analysis, distributing $2,000 checks to Americans earning under $100,000 could cost roughly $450 billion but is expected to have minimal inflationary impact, potentially raising prices by less than 0.1 percentage points. The study projects a 0.3 percentage point boost to GDP and a 0.15 percentage point increase in employment in 2026.

The administration faces legal scrutiny over its use of tariffs under the International Emergency Economic Powers Act (IEEPA). The Supreme Court has expressed skepticism about the tariffs, which could affect the rollout of the dividend checks.

Trump acknowledged the uncertainty, saying, “Then I’d have to do something else,” if the Supreme Court overturns the tariffs.