Business

Bessent Defends Trump’s Use of Tariffs, Says They Are Not Fueling Inflation

At The New York Times DealBook Summit, Treasury Secretary Scott Bessent engaged in a compelling dialogue with Andrew Ross Sorkin, addressing critical economic issues and the current state of the U.S. financial landscape. Bessent, who has been at the forefront of economic policy, emphasized the administration’s commitment to fostering economic growth while managing inflation and navigating the complexities of global markets. His insights come at a pivotal time, as the U.S. grapples with persistent inflationary pressures and the challenges posed by geopolitical tensions.

During the conversation, Bessent highlighted the importance of strategic fiscal policies and the role of the Treasury in stabilizing the economy. He discussed the administration’s ongoing efforts to balance budgetary constraints with the need for investment in infrastructure and technology, which are essential for long-term growth. Bessent also touched on the significance of international collaborations, particularly in the context of supply chain disruptions and energy transitions, which have been exacerbated by recent global events. For instance, he pointed out how the U.S. is working with allies to ensure energy security while simultaneously addressing climate change, a dual challenge that requires innovative solutions and cooperative strategies.

Moreover, Bessent addressed the implications of rising interest rates and their impact on both consumers and businesses. He noted that while higher rates are intended to curb inflation, they also pose risks to economic growth and employment. The Treasury’s approach involves careful monitoring of these developments and adjusting policies as necessary to mitigate adverse effects. Throughout the dialogue, Bessent’s perspective reflected a blend of optimism and caution, underscoring the administration’s proactive stance in navigating the intricate dynamics of the modern economy. His comments resonated with the audience, illustrating the critical intersection of policy-making and real-world economic challenges that define the current era.