US Treasury Secretary Denies Trump Tariffs Taxing Americans Amid Business Concerns

Treasury Secretary Scott Bessent has defended President Trump's sweeping tariffs, denying that they act as a tax on American consumers and businesses despite mounting criticism from major companies and economic analysts. In interviews with NBC's Kristen Welker, Bessent dismissed concerns that tariffs cause financial harm, arguing that companies exaggerate their impact during earnings calls and pointing to strong economic indicators such as a 3.3% GDP growth and a record-high stock market. The tariffs, which include steep levies like a 50% tariff on Lesotho, have been challenged legally, with a federal appeals court ruling that Trump exceeded his authority in imposing them; the administration is appealing to the Supreme Court. Bessent emphasized that the tariffs aim to bolster domestic manufacturing, create jobs, and improve long-term competitiveness, with tariff revenues exceeding $183 billion in 2025 and potential use in reducing national debt. Critics, including companies like Nike, John Deere, and Hasbro, argue that these tariffs increase their costs and are passed on to consumers, a point Bessent rejects. The ongoing legal battle and public debate highlight the tension between the administration's trade policies and their economic consequences.