Treasury Secretary Scott Bessent sees inflation plummeting to the Federal Reserve’s 2% target despite Trump’s tariffs

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• In an interview with CBS News on Sunday, Treasury Secretary Scott Bessent discussed tariffs, whether they’re inflationary, and what his department is doing to carry out President Donald Trump’s promise to bring down prices for Americans.

Two things President Donald Trump campaigned and won on: a promise to lower prices, and to enact tariffs. But economists claim tariffs can be inflationary; the Peterson Institute has said Trump’s tariffs could cost the typical American household more than $1,200 a year. The president himself even recently admitted “inflation is back.” Still, his Treasury Secretary Scott Bessent doesn’t appear worried.