On Sunday, former President Donald Trump announced that all Americans could receive a minimum of $2,000 from funds generated by tariff revenues collected by his administration.

Trump took to his Truth Social platform to share, “A dividend of at least $2,000 per person (excluding high-income individuals) will be distributed to everyone.” He further criticized opponents of the tariff plan, labeling them as “FOOLS!”

For such a plan to be implemented, it would likely require approval from Congress. Earlier this year, Republican Senator Josh Hawley from Missouri introduced a bill proposing $600 tariff rebates for the majority of Americans and their dependent children.

At the time, Hawley stated, “My legislation aims to ensure that hard-working Americans can benefit from the wealth that Trump’s tariffs are bringing back to the country.”

However, Treasury Secretary Scott Bessent has a different focus. In an interview with CNBC in August, Bessent emphasized that the administration is prioritizing the use of tariff revenues to reduce the national debt, which currently stands at $38.12 trillion, according to the U.S. Treasury’s fiscal data.

On Sunday, Trump also said that the administration would pay down the “ENORMOUS” debt using tariff revenue. 

The Hill has reached out to the White House for clarification on the president’s plan.

Through the first three quarters of this year, the Treasury Department collected $195 billion from tariff duties, according to its September statement. 

But as of Oct. 17, consumers are facing an average effective tariff rate of 18 percent, the highest since 1934, according to the Yale Budget Lab. After the president imposed sweeping tariffs on trading partners around the world in April, firms have passed on some tariff costs to customers.