Treasury Secretary Acknowledges Cost of Tariffs: 'Some May Get Passed on to Consumers'

Scott Bessent asserted the Trump administration will not default on its debts despite the treasury potentially running out of money in July. (Credit: Kayla Bartkowski/Getty Images)

Treasury Secretary Scott Bessent acknowledged Sunday that while Walmart may absorb some of the costs from Donald Trump's sweeping tariffs, part of the financial burden will still be passed on to American consumers.

President Trump's aggressive tariff policy, launched early April and dubbed "Liberation Day," imposed a baseline 10% tariff on all imports, with rates reaching as high as 145% on goods from China.