US Treasury Secretary says tariffs aren't a tax on Americans
US Treasury Secretary Scott Bessent says President Trump's tariffs aren't a tax on Americans, despite big companies like John Deere and Nike warning about billions in extra costs.
In a recent NBC interview, he pointed to strong economic numbers—like 3.3% GDP growth and high stock prices—even though economists estimate tariffs could cost US households up to $2,400 annually.
Court ruling on Trump's tariffs
A court recently ruled that Trump overstepped his authority with sweeping tariffs, including a steep 50% tariff on Lesotho.
Since April, the US has lost 42,000 manufacturing jobs and wage growth has stalled.
The administration is appealing the decision all the way to the Supreme Court; if they lose, possible rebates could hit government finances hard.
Still, Bessent insists trade balance matters more than short-term costs to consumers.