Treasury Secretary Bessent Dismisses Inflation Concerns Amid Tariff Debate

During a Sunday interview on Face the Nation, Treasury Secretary Scott Bessent dismissed earlier warnings about inflation linked to President Trump's tariffs, asserting that inflation remains at its lowest level in over four years. Bessent confronted CBS anchor Margaret Brennan by recalling her prior predictions of significant inflation, which have not materialized, and highlighted that the consumer price index rose only 2.3% year-over-year in April, down from 2.4% in March. He attributed the muted inflation impact partly to Chinese suppliers absorbing up to 66% of the tariff costs, thereby protecting American consumers from higher prices. Despite Brennan's references to concerns from economists and major retailers about potential price increases and inventory shortages, Bessent countered with data and reports suggesting a more positive economic outlook. He urged caution against alarmist forecasts, suggesting it is better to observe actual outcomes rather than speculate on worst-case scenarios. The exchange underscored a significant debate over the economic effects of the Trump administration's trade policies and their implications for consumers and the GOP's political prospects.