Treasury Secretary Scott Bessent squared off against Kristen Welker on “Meet the Press” over the economic impact of tariffs, dismissing reports from major corporations and a Goldman Sachs analysis that indicate American businesses and consumers bear the brunt of the costs.
During an interview Sunday on NBC’s “Meet the Press,” Treasury Secretary Scott Bessent was pressed by moderator Kristen Welker on whether he acknowledges that tariffs are a tax on the American people. The exchange centered on the impact of the administration’s trade policies on U.S. businesses and consumers, with Bessent repeatedly refuting the premise.
Welker presented the Secretary with a list of major American companies—including Nike, Black & Decker, and the “Big Three” automakers—that have reported significant financial burdens due to the tariffs, collectively amounting to billions of dollars.
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She cited a Goldman Sachs report stating that 86% of the tariff revenue collected has been paid by American businesses and consumers.
“Bottom line, do you acknowledge that these tariffs amount to taxes on the American people?” Welker asked.
Secretary Bessent was firm in his denial. He argued that the companies Welker referenced were “eating the tariff” and that their public statements, often made during earnings calls, represent a “draconian scenario.” Bessent countered by highlighting strong economic indicators, such as a 3.3% GDP growth and a record-high stock market.
“If things are so bad, why was the GDP 3.3%? Why is the stock market at a new high?” Bessent said, suggesting that a strong economy and a rising S&P index are proof that the tariffs are not harming the country. He also referenced investments being made by companies like Micron and Apple in the United States.
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Welker, however, brought up Hasbro’s statement that they will have to increase prices due to the tariffs. She reiterated the Goldman Sachs figure.
“Just bottom line, Mr. Secretary, do you acknowledge that these tariffs are taxes on American consumers?” Welker asked a second time.
“No, I don’t,” Bessent replied.
When Welker pointed out the Goldman Sachs report once more, Bessent dismissed the data with a personal aside.
“You’re quoting Goldman Sachs,” he said. “I made a good career of trading against Goldman Sachs.”
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