Treasury Secretary confronts CBS host over past tariff inflation predictions as rates hit 4-year-low

Treasury Secretary Scott Bessent called retired CBS "Face the Nation" anchor Margaret Brennan connected Sunday for informing successful March that Trump medication tariffs connected imported goods would rise prices for American consumers aft ostentation cooled to a four-year debased successful April.

During an interrogation connected Sunday, the CBS anchor again challenged Bessent to respond to the economical concerns President Donald Trump's tariffs posed to consumers, but Bessent argued that "alarmist" predictions astir ostentation expanding had been incorrect before. 

"Everything has been alarmist, that the ostentation numbers are really dropping," helium said, referring to the latest Bureau of Labor Statistics study showing that the ostentation complaint fell to 2.3% successful April, the lowest level successful implicit 4 years.

Brennan pressed Bessent astir retail giants similar Walmart and Target weighing terms hikes owed to the uncertainty surrounding the tariffs.

U.S. Treasury Secretary Scott Bessent speaks astatine the American Bankers Association's Washington Summit astatine the Walter E. Washington Convention Center connected April 9, 2025, successful Washington, D.C.  (Kayla Bartkowski/Getty Images)

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"When you spell back-to-school shopping, things are going to outgo more," Brennan told Bessent.

Bessent disagreed, saying retailers similar Home Depot person said they don't program to rise prices successful effect to the tariffs.

Brennan insisted consumers would consciousness economical symptom from Trump's strategy. She quoted from a Wall Street Journal sentiment portion by Karl Rove informing that companies similar Walmart would not beryllium capable to interruption adjacent if they couldn’t sorb the tariff costs.

"But, for consumers, the world is, determination volition either beryllium little inventory oregon things astatine higher prices, oregon both," she said.

Bessent reminded Brennan that successful March, erstwhile helium antecedently appeared connected "Face the Nation," she had reported that tariffs could pb to inflation.

U.S. Treasury Secretary Scott Bessent clashed with CBS big Margaret Brennan implicit the economical interaction of President Trump's tariffs connected imported goods. (Getty Images)

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"Margaret, erstwhile we were present successful March, you said determination was going to beryllium large inflation. There hasn't been immoderate inflation," Bessent retorted. "Actually, the ostentation numbers are the champion successful 4 years. So wherefore don't we halt trying to accidental this could hap and hold and spot what does happen?"

"Just trying to gauge for radical readying up here," Brennan replied earlier moving connected to inquire astir however overmuch Trump’s caller announcement that helium was doubling the tariffs connected alloy would interaction the operation industry.

During that March interview, Brennan cited a survey from the deliberation tank, The Peterson Institute, predicting that Trump's then-10% tariffs connected China and 25% tariffs connected Canada and Mexico would outgo U.S. households an further $1,200 a year.

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President Donald Trump's commercialized battles with China person defined his 2nd word to date. (AP Photo / Evan Vucci / iStock)

Brennan antecedently clashed with Commerce Secretary Howard Lutnick implicit Trump's "Liberation Day" tariff announcement during an April interrogation wherever she asked whether "AI" was utilized to trade the tariff announcement.

Trump’s tariff strategy faced ineligible challenges past week aft a national tribunal ruled unanimously to artifact the sweeping tariffs helium imposed connected dozens of countries.

The U.S. Court of International Trade ruled Wednesday that Trump overstepped his authorization to enforce tariffs nether the International Emergency Economic Powers Act (IEEPA).

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On Thursday, a national appeals tribunal temporarily paused the little court's ruling, allowing the argumentation to enactment enactment arsenic the ineligible conflict plays out, according to Reuters.