Scott Bessent Sets Jake Tapper Straight on Debt, Tariffs, Inflation, and How the Trump Admin Is Winning

U.S. Treasury Secretary Scott Bessent is making the rounds on the Sunday shows this morning, sitting down with both NBC's Kristen Welker on "Meet the Press" and CNN's Jake Tapper on "State of the Union." Bessent laid out the successes the Trump administration is having and addressed some of the concerns raised in response to the nation's debt and the potential inflationary impact of tariffs.

As to the debt, Bessent acknowledged that spending needs to be reined in but emphasized that their focus is also on growing GDP to improve the debt-to-GDP ratio.

.@SecScottBessent: "We are going to grow the GDP faster than the debt growth and that will stabilize the debt-to-GDP, which ... is the most important number." pic.twitter.com/SgHs3ET3DF
— Rapid Response 47 (@RapidResponse47) May 18, 2025

"There is...the potential growth of the debt, but what's more important is that we grow the economy faster. So, what we've seen under the past four years, and you know what we inherited — I inherited 6.7 percent deficit to GDP, which was the highest deficit when we were not at war, not in a recession. So, we've been trying to bring down the spending, and we're going to grow the revenue side. So, we're going grow the GDP faster than the debt growth, and that will stabilize the debt-to-GDP, which even Secretary Yellen and I agree is the most important number."

Tapper, of course, pressed Bessent on the tariff concerns and the nature of deals being cut with other countries, with Bessent characterizing the proposals as "excellent."

"The countries are coming with very good proposals for us," says @SecScottBessent on tariffs.

"They want to lower their tariffs, they want to lower their non-tariff barriers, some of them have been manipulating their currency ... These are excellent proposals." pic.twitter.com/wNZlBhYbwT
— Rapid Response 47 (@RapidResponse47) May 18, 2025

"I can tell you that, with a few exceptions, the countries are coming with very good proposals for us. And I look at these proposals — they want to lower their tariffs, they want to lower their non-tariff barriers. Some of them have been manipulating their currency; they've been subsidizing industry and labor. And I look at these proposals, and I think these are excellent proposals, but I wonder: How did we get here? How did the previous administrations allow this to happen to the American people?"

Donald Trump Has Turned Foreign POTUS Trips Into Big Deals, Literally

Tapper highlighted recent comments from Walmart CEO Doug McMillon regarding his prediction that even with a potential deal with China, the company was going to have to raise prices due to the "magnitude of the tariffs." He characterized tariffs as "essentially attacks on consumers." Bessent, however, was prepared for the contention and had a solid response.

Treasury @SecScottBessent says he spoke to Walmart’s CEO after the company warned of price increases due to tariffs: “Walmart will be absorbing some of the tariffs, some may get passed on to consumers.” pic.twitter.com/FGQ4154SNT
— State of the Union (@CNNSOTU) May 18, 2025

"Well, Jake, in essence, what you're saying is — you're saying taxes are inflationary. So, let's pass the Trump tax cuts, and that'll be disinflationary, if we continue that line of thinking."

(Tapper even chuckled at that, seemingly acknowledging the effectiveness of Bessent's parry.)

Bessent continued:

"Let's just keep everything consistent. I did speak to Doug McMillon, who I have a very good relationship [with] yesterday, just to understand what he had to say. And, you know, understand: That came from an earnings call. On an earnings call, because of SEC requirements, they have to give the most draconian case. So Walmart will be absorbing some of the tariffs. Some may get passed on to consumers."

Then Bessent highlighted the key point here — Trump policies are benefiting American consumers, and they're starting to see those positive results.

"The other thing that's happening is that inflation is down. We had the first drop in inflation in four years under President Trump. The other thing that Doug mentioned to me is for his consumers, for his buyers, the most important thing are gasoline prices. And this administration has gotten gasoline prices down; service prices are down. So, overall, I would expect inflation to remain in line. But I don't blame consumers for being skittish after what happened to them four years under Biden — we had the worst inflation in 40 years."

Maybe it's just me, but this treasury secretary inspires a great deal more confidence than his predecessor did. (As does this president.)

Editor's Note: President Trump is leading America into the "Golden Age" as Democrats try desperately to stop it.

Help us continue reporting on President Trump's success. Join RedState VIP and use promo code FIGHT to get 60% off your membership.