Treasury Secretary Scott Bessent detailed Tuesday on Fox News the economic strategies of President Donald Trump, breaking down what he said are the potential fiscal benefits and minimal consumer impacts of implementing global tariffs.
During an appearance on “Special Report with Bret Baier,” Bessent said that leveraging tariffs could fundamentally alter the economic landscape without burdening consumers.
“I think that very little of that would be passed on to the consumer, that I think the currency adjusts. I think that especially China, that the companies on the other side, the exporters, are going to eat a lot of the cost,” Bessent said.
Bessent outlined three primary ways that he said tariffs have been employed.
[rumble]https://rumble.com/embed/v6k93lu/?pub=3rtroj[/rumble]
“Well, I’ve talked about [how] President Trump uses tariffs unlike any president in modern times. And we think about it in three ways. One can be revenues for the government. Two can be to make trade fair because a lot of our trading partners do not treat us fairly. And three, President Trump uses them for negotiating, as he did with Colombia, as you’re seeing with Mexico, with Canada, with the fentanyl crisis that we’re having,” Bessent said.
“So there is a chance that the tariffs could bring in a substantial amount of revenue for the government. So, for instance, a 10 percent global tariff would bring in $2.5 trillion over 10 years.”
Bessent then said that the combination of these strategies with domestic policy adjustments, such as reducing energy prices and deregulation, could keep inflation in check. Bessent is optimistic that inflation will remain well below the Federal Reserve’s target of 2 percent.
“I think for overall inflation, when we get energy prices down, when we deregulate, that, as we saw in President Trump’s first term, inflation is going to be under control at the Fed’s target of 2 percent, probably less,” Bessent said.
Trump on Feb. 1 introduced comprehensive tariffs on imports from China, Canada, and Mexico, aiming to curb the influx of illegal immigrants and the entry of drugs like fentanyl from these nations. Following Trump’s announcement, Mexico responded by deploying thousands of troops along the U.S.-Mexico border to halt the illegal drug trade and unauthorized migrants.
Similarly, Canadian Prime Minister Justin Trudeau committed to bolster security along the U.S.-Canada border. In response, Trump agreed to suspend his tariffs against both countries for 30 days. Following Trump’s announcement of global tariffs, Taiwan’s President Lai Ching-te committed to increasing investment in the U.S. and enhancing dialogue regarding the semiconductor industry.
All republished articles must include our logo, our reporter’s byline, and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.
DONATE TO BIZPAC REVIEW
Please help us! If you are fed up with letting radical big tech execs, phony fact-checkers, tyrannical liberals and a lying mainstream media have unprecedented power over your news please consider making a donation to BPR to help us fight them. Now is the time. Truth has never been more critical!
- Gallego makes bold claim about Trump’s intentions toward Venezuela - December 17, 2025
- Scott Jennings clarifies where Wiles stands with Trump after Vanity Fair backlash - December 17, 2025
- Trump orders major escalation against Venezuela - December 17, 2025
Comment
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. Thank you for partnering with us to maintain fruitful conversation.
BPR INSIDER COMMENTS
Scroll down for non-member comments or join our insider conversations by becoming a member. We'd love to have you!
