Treasury Secretary Bessent downplays Trump's tariffs as a tax on US consumers
Treasury Secretary Scott Bessent told NBC's "Meet the Press" that President Donald Trump's economic agenda needs more time and reiterated that the sweeping global tariffs will bring back domestic manufacturing jobs.
Treasury Secretary Scott Bessent downplayed claims on Sunday that tariffs were harming American businesses and consumers, arguing that any short-term costs were outweighed by long-term benefits to U.S. competitiveness.
Bessent argued that President Donald Trump's economic agenda has only been in effect for "a couple of months" and that the tariff policies need more time to play out.
He added that the sweeping measures will strengthen domestic manufacturing and create new construction and factory jobs.
TRUMP SAYS US WOULD BE 'DESTROYED' WITHOUT TARIFF REVENUE
U.S. Treasury Secretary Scott Bessent looks on as U.S. President Donald Trump signs executive orders in the Oval Office of the White House on April 09, 2025. (Anna Moneymaker/Getty Images / Getty Images)
"We can't snap our fingers and have factories built," Bessent told NBC's Kristen Welker on "Meet the Press," adding that the Trump administration is expecting to see a "substantial acceleration" in the fourth-quarter.
TRUMP CALLS TARIFF WINDFALL 'SO BEAUTIFUL TO SEE' AS CASH SAILS IN
The U.S. collected more than $31 billion in tariff revenues in August, already the highest monthly total so far for 2025.
Total tariff revenue for 2025 has reached more than $183 billion, according to the latest "Customs and Certain Excise Taxes" figures released by the Treasury Department.
Bessent has previously said that tariff revenue could be used to help pay down the nation's debt, which stands at $37.4 trillion as of Sept 5.
A container ship sails out of the port in Qingdao, in China's eastern Shandong province on August 7, 2025. (STR/AFP/Getty Images / Getty Images)
Bessent's comments come as the Trump administration works to keep the global tariff rates in place.
On Aug. 29, an appeals court said the power to set such tariffs rests squarely with Congress or within existing trade policy frameworks. The ruling does not affect tariffs imposed by other legal authorities, such as Trump’s levies on steel and aluminum imports.
GET Gxstocks ON THE GO BY CLICKING HERE
Attorney General Pam Bondi announced the Justice Department will appeal the decision to the Supreme Court. In the meantime, the appeals court allowed the tariffs to remain in place through Oct. 14.
"President Trump was elected for change and we are going to push through with the economic policies that are going to set the economy right," Bessent added.
