Treasury Secretary Scott Bessent on Sunday rejected the notion that President Trump’s tariffs are hurting American consumers and companies.
The defense came during an interview on NBC’s “Meet the Press,” after host Kristen Welker pointed to a recent New York Times article highlighting how John Deere has been negatively impacted by tariffs.
Bessent first took issue with the source, as the Times is not exactly a “fair observer,” he argued. Secondly, the Treasury secretary said the company had been “cherry-picked” and was not representative of the whole picture of how tariffs are affecting U.S. companies and consumers.
SEC. SCOTT BESSENT: [...] At Treasury, we have about two management teams come through a day. And overwhelmingly we are hearing from companies they plan to increase CapEx. They plan to increase employment. We are seeing a record amount. There's going to be a record amount of foreign direct investment. And for every John Deere we have companies who are telling us, "The tariffs have helped our business." We're increasing CapEx. And we're going to increase employment."
KRISTEN WELKER: But Mr. Secretary, it's not just John Deere. We've heard from a lot of different companies around the country. Nike says that tariffs will cost the company around $1 billion this year. Black+Decker says $800 million. The Big Three automakers all say they've had to pay more than $2 billion in tariffs. The list goes on and on. Bottom line, do you acknowledge that these tariffs amount to a tax on the American people?
SEC. SCOTT BESSENT: Well, first of all, let's back up. Because what we've seen for instance the Japanese automakers have said they're eating the tariff. So they’re --
KRISTEN WELKER: But these companies say they're eating the tariffs.
SEC. SCOTT BESSENT: That they're eating the --
KRISTEN WELKER: These American companies.
SEC. SCOTT BESSENT: That they're eating the tariff. So, and again there are numerous companies who are doing the opposite. You know, you're taking these from earnings calls. And on earnings calls they have to give the draconian scenario. There are companies coming out and saying, "Oh, because of the tariffs we're doing this." But I can tell you, you know, whether it's Micron or Apple, they are upping their investments in the United States. And, you know, Kristen, if things are so bad, why was the GDP 3.3%? Why is the stock market at a new high? Because, you know, with President Trump we care both about big companies and small companies. And you're quoting big companies. But the big company index, the S&P is at a new high. (Meet the Press)
Bessent then called her out for pointing to Goldman Sachs saying that 86 percent of tariff revenue collected thus far has been paid by U.S. companies and consumers.
“So just bottom line, Mr. Secretary, do you acknowledge that these tariffs are a tax on American consumers?” Welker asked.
"No, I don't," Bessent said with a smile. "You're quoting Goldman Sachs...I made a good career of trading against Goldman Sachs."
Scott Bessent laughs in Kristen Welker’s face when she quotes Goldman Sachs
— MJTruthUltra (@MJTruthUltra) September 7, 2025
Q: Do you acknowledge these tariffs are a tax on the American consumer?
Bessent: No, I Don’t…. You’re quoting Goldman Sachs. I’ve made a good career trading AGAINST Goldman Sachs.
Haha, love this… pic.twitter.com/eUNswuvRYi
Editor's Note: President Trump is leading America into the "Golden Age" as Democrats try desperately to stop it.
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