Treasury Secretary Scott Bessent on Sunday defended President Trump’s sweeping tariff policy, describing the new trade levies as a “one-time price adjustment” rather than a source of long-term inflation.
During an interview on NBC News’s “Meet the Press,” host Kristen Welker pressed Bessent on his past comments, pointing out that in January he had written that “tariffs are inflationary.” She then asked if he had shared concerns with the president directly about the inflationary risks of the administration’s approach.
Bessent pushed back on the suggestion. “No, what I have said are tariffs are a one-time price adjustment,” he said. “So, there’s a big difference between insipid, endemic inflation within the system and consistent price level increases and a one-time adjustment.”
The remarks come in the wake of Trump’s latest economic announcement: a new 10 percent baseline tariff on nearly all foreign imports, along with steeper reciprocal tariffs for dozens of countries the administration accuses of unfair trade practices. The news triggered steep declines in the stock market, rattling investors already uneasy about inflation and global supply disruptions.
Trump’s team has continued to defend the tariffs as part of a broader economic strategy to bring manufacturing jobs back to the U.S. and reduce reliance on foreign goods. However, critics argue that the sudden cost increases are likely to be passed on to consumers, especially in areas like food, autos, and electronics.
While Bessent acknowledged the price impact, he insisted it would be short-lived and different from ongoing inflation. But financial analysts and business leaders warn that even so-called “one-time” adjustments can ripple through supply chains and consumer prices in ways that are hard to contain.
The exchange highlights the growing divide between the administration’s messaging and the market’s reaction. Despite attempts to calm fears, Wall Street remains uneasy, and many Americans are left wondering whether the trade war strategy will ultimately help or hurt their bottom line.