represent. Sean Kasten (D-Illinois) grilling Trump Treasury Secretary Scott Bessant On Wednesday, Bessant made conflicting claims at a House Financial Services Committee hearing about an article he wrote in 2024 that said tariffs “cause inflation.”
Kasten began, “I want to read you a quote that says, ‘Trump will pursue a weak dollar policy rather than impose tariffs. Tariffs will cause inflation and will increase the value of the dollar.'” Do you recognize this quote?
Bessant responded: “I believe you are referring to a letter I wrote stating that tariffs may cause inflation.”
Casten interjected: “No, no, it says tariffs will cause inflation. You said to the chairman, I want to record a letter from Scott Bessent and the Key Square team to your partners on January 31, 2024,” where this quote comes from.
Kasten then pressed Bessent about comments he made earlier during a House hearing. Maxine Waters (D-CA), “Do you want to correct what you said to ranking members when you made it clear that you did not say that tariffs would cause inflation?” When pressed by Waters about the same article, Bessant flatly denied that tariffs are “inflationary.”
Bessent replied: “Well, I think she mentioned a letter from the summer or something I never mentioned…”
Carsten shot back: “No, no, I think you’re disparaging new york times. You say tariffs cause inflation. You say tariffs cause inflation. Are you trying to correct what you said to a senior member, or are you lying? “
“If I’m wrong, I want to correct it, and I was also wrong when I said tariffs could be inflationary,” Bessant acknowledged.
Watch the clip above.
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