Trump Treasury Chief Debunks Inflation Panic Over Tariffs

Treasury Secretary Scott Bessent dismantled the media’s inflation narrative on Sunday during a fiery interview on CBS’s Face the Nation, slamming predictions of economic disaster following President Trump’s sweeping tariffs.

CBS host Margaret Brennan attempted to press Bessent on whether Trump's “Liberation Day” tariffs would spike consumer prices, but Bessent fired back with facts that are becoming impossible to ignore.

“When we were here in March, you said there was going to be big inflation,” Bessent reminded Brennan. “There hasn’t been any inflation.”

He’s right. Just two weeks ago, the Labor Department reported that inflation dropped to 2.3% the lowest rate in four years. Not only did the predicted price hikes not materialize, but key sectors like energy and food have actually seen significant price reductions.

Highlights from Bessent’s exchange:

• Gasoline and energy prices are down 20% year-over-year

• Egg prices have plummeted, thanks in part to the leadership of Agriculture Secretary Brooke Rollins

• Real consumer earnings rose by 0.8% last month alone

• Inflation remains "very tame" and continues trending downward despite media panic

While Brennan pointed to retailers like Walmart and Target raising some prices, Bessent countered that companies like Amazon and Home Depot have held the line, and crucially, 65% of the tariff costs are being absorbed by Chinese producers, not passed on to American consumers.

“Everything has been alarmist,” Bessent said bluntly. “We wanted to make sure there aren’t price increases, and thus far, there have been no price increases.”

The bigger picture? Trump’s America First trade policy is not only working it’s outperforming. While Biden’s presidency saw record-high inflation, soaring grocery bills, and stagnant wages, Trump’s second term is delivering real income gains and falling prices the very combination that once seemed impossible under Democrat rule.

Bessent also took a moment to calm fears about the debt ceiling, reminding Americans that “the United States of America is never going to default” and that Treasury is managing deadlines strategically to push the GOP’s “One Big, Beautiful Bill” through the Senate.

This is the leadership the American economy needs calm, facts-first, and laser-focused on American prosperity. The Trump administration isn’t guessing it’s delivering. And despite the media’s best efforts to scare the public, the numbers don’t lie.

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