Treasury Secretary Scott Bessent discussed President Donald Trump’s economic strategy Tuesday, emphasizing the potential benefits of global tariffs while minimizing concerns about consumer costs.
Speaking on Fox News’ Special Report with Bret Baier, Bessent broke down how tariffs could reshape the economic landscape without negatively impacting American consumers.
“I think that very little of that would be passed on to the consumer, that I think the currency adjusts. I think that, especially China, that the companies on the other side, the exporters, are going to eat a lot of the cost,” Bessent said.
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Bessent detailed three primary functions of tariffs under Trump’s administration, emphasizing their use beyond simple revenue generation.
“Well, I’ve talked about [how] President Trump uses tariffs unlike any president in modern times. And we think about it three ways. One can be revenues for the government. Two can be to make trade fair because a lot of our trading partners do not treat us fairly. And three, President Trump uses them for negotiating, as he did with Colombia, as you’re seeing with Mexico, with Canada, with the fentanyl crisis that we’re having,” Bessent said.
He also highlighted the potential fiscal impact of these tariffs, estimating that a global 10 percent tariff could generate $2.5 trillion over a decade.
“So there is a chance that the tariffs could bring in a substantial amount of revenue for the government. So, for instance, a 10 percent global tariff would bring in $2.5 trillion over 10 years,” Bessent added.
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Beyond tariffs, Bessent linked Trump’s broader economic policies—such as reducing energy prices and rolling back regulations—to maintaining stable inflation rates.
He expressed confidence that these measures would keep inflation in check, ensuring it remains below the Federal Reserve’s 2 percent target.
“I think for overall inflation, when we get energy prices down, when we deregulate, that, as we saw in President Trump’s first term, inflation is going to be under control at the Fed’s target of 2 percent, probably less,” he said.
Trump announced on February 1 a set of sweeping tariffs on imports from China, Canada, and Mexico, tying them to efforts to curb illegal immigration and prevent the flow of drugs like fentanyl into the United States.
In response, Mexico deployed thousands of troops along the U.S.-Mexico border to counter drug trafficking and unauthorized crossings.
Canada also took action following Trump’s announcement.
Prime Minister Justin Trudeau pledged to strengthen security at the U.S.-Canada border, leading to Trump’s decision to suspend tariffs against both Canada and Mexico for 30 days.
Following the introduction of global tariffs, Taiwan’s President Lai Ching-te committed to increasing investment in the United States, particularly in the semiconductor sector, and enhancing cooperation between the two nations.
As Trump’s tariff policies take effect, the administration continues to emphasize their role in boosting revenue, addressing trade imbalances, and influencing international negotiations while keeping economic stability at home.
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