US Treasury Secretary Scott Bessent joins ‘Sunday Morning’ to discuss talks about China over unusual materials, the impact of Trump’s tariffs, the supply chain crisis and more.
The Secretary of the US Treasury Scott Scess revealed a lot of information about how the Trump administration is fighting for daily sales and what is next in the process of moving the $ 2,000 paid to America.
During a special interview on “Sunday morning” with Fox Business’ Maria Bartiromo, Bessent warned that a “perfect storm” has occurred in the inflation union while watching the government’s responses.
“This is a fair storm,” Bessent said when asked about the possibility of $10-a-pound beef next year. “We inherited this terrible inflation. We are humbled [is] that’s it [this] it will give Americans real purchasing power. It will be about growth. “
Although the import data of the challenge of October was held due to the shutdown of the government, President Donald Trump on Sunday improved the consumer prices and reached 25% lower – compared to what he faced and what they were charged under the Biden Administration.
Omaha Steaks CEO Warns American Families Will Soon Face ‘$10-A-Pound’ Beef
Feed prices have also been on the mind of beef industry leader and Omaha Steaks CEO Nate Rempe, who warned Bartiromo on Friday that beef could be expensive in the third quarter of 2026.
Scott Besslent, Scott’s secretary, speaks to members of the media outside the White House in Washington, DC, Wednesday, Nov. 5, 2025. (Pet Pictures)
With the inflationary pressures that are still playing throughout the country, the Trump administration announced last week that it plans to use the tax money to remove $ 2000 of American income, with any remaining funds directed to reducing the national debt.
“We need legislation for that,” Bessent said of the potential test. “I thank him for keeping his campaign promise to serve the American people… [no] The tax on tips, more time for social security, we’re going to see a big bump there in the first quarter and the rebound and the income … it’s sending a $2000 refund … which is going to be working families. We will have a salary cap. “
Rep. Bill Huizenga, R-mich.
“This last week, we signed trade deals,” he noted. “Therefore, it will not be only the tariff rates that will come from the items that have just been listed, such as coffee, such as cocoa, bananas, other transit trade items. After that we will see [cost of living] Go down.”
Since Trump announced his ‘day of freedom’ tariffs in April, the tax bill has increased significantly from $22.1 billion to $27 billion in July. The total value of the transaction reached $ 195 billion in the fiscal year 2025, which ended September 30, according to the monthly statements of the Treasury Department.
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US Treasury Secretary Scott Bessent joins ‘fox & friends’ to discuss the impact of the shutdown economic impact on the economy and show how rising wages can help the initial recovery.
Tax rates typically raise billions, not trillions, in revenue — a fraction of what would be needed to make a dent in the $38 trillion national debt.
“I’ll tell you what we’re not going to do. All you can do is tell the American people who don’t know how they feel, that’s what the administration has done,” Bessent said. “And we’re working every day to get these prices down.”
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FOX Business’ Amanda Macias and Sophia Compton contributed to this report.
