Treasury Secretary Scott Bessent vigorously defended President Trump’s latest affordability push, insisting the administration is committed to driving down prices and easing costs, especially grocery costs, as ground beef prices are expected to reach $10 a pound.
Bessent blamed the rising prices on a "perfect storm" of issues, including leftover Biden administration policies and the spread of a parasite in Mexico that is ravaging beef exports to the United States.
“The beef market is a very specialized market. It goes in long cycles, and this is the perfect storm, again, something we inherited,” Bessent told Fox News' Maria Bartiromo on Sunday. He said beef prices specifically are not expected to come down until 2027.
Our Administration inherited a terrible inflation crisis, and we are working every day to turn it around.
— Treasury Secretary Scott Bessent (@SecScottBessent) November 16, 2025
Energy prices are falling and interest rates are coming down. But what will truly make a difference is real purchasing power rising because of this Administration’s… pic.twitter.com/KAKP8dnAoW
According to the Federal Reserve Bank of St. Louis, ground beef cost an average of $6.32 in September, up from $5.67 a year earlier.
“We inherited this terrible inflation, Bessent continued. “We are flattening it out. I believe we’re going to push it down. Energy prices are down. Interest rates are down. But the real thing that is going to happen that is going to give Americans real purchasing power increases.”
The Treasury Secretary said the president’s “Big, Beautiful Bill” would soon begin to take effect, boosting Americans’ purchasing power by locking in the 2017 tax cuts and eliminating taxes on tips and overtime pay.
Bessent also noted that at the end of last week, the Trump administration eased tariffs on hundreds of agricultural products, including beef, coffee, fruits, and nuts, in a bid to lower grocery prices.
“I would expect in the first two quarters we are going to see the inflation curve bend down and the real income curve substantially accelerate,” Bessent added. “What we’re not going to do is tell the American people that they don’t know how they’re feeling, which is what the Biden administration did.”
The Trump administration has begun to focus on affordability since November 5, after Republicans lost all of their elections in New York City, New Jersey, and Virginia. Zohran Mamdani's focus on affordability and cost of living, regardless of how bad his solutions are, was a reminder that many Americans are still very much concerned about the economy.
President Trump has notched several foreign-policy victories and is now realigning his focus to ensure the economy is in strong shape for every American. That starts with continuing to reduce inflation, boosting Americans’ purchasing power, and driving economic growth across all sectors.