Treasury Secretary Scott Bessent claimed Sunday that “more than 50 countries” have approached the Trump administration to bring down “non-tariff trade barriers,” reduce tariffs, and halt “currency manipulation” on their side.
“More than 50 countries have approached … the administration about lowering their non-tariff trade barriers, lowering their tariffs, stopping currency manipulation,” Bessent said on NBC’s “Meet the Press” to moderator Kristen Welker.
“And … they’ve been bad actors for a long time. And it’s not the kind of thing you can negotiate away, be it in days or weeks,” he added.
On Thursday, markets dropped dramatically after President Trump announced a 10 percent tariff on goods imported into the United States, alongside other tariffs aimed at multiple U.S. trading partners. The economy did not fare better the following day, with the Dow Jones Industrial Average losing 2,200 points and the S&P 500 dropping by 10 percent over the course of Thursday and Friday.
In his “Meet the Press” appearance Sunday, Bessent referred to Trump’s tariffs as a “one-time price adjustment,” stressing a distinction from continuous price increases due to inflation.
“Have you expressed any concerns to President Trump directly that his tariff policy could be inflationary?” Welker asked Bessent on Sunday.
“No, what I have said are tariffs are a one-time price adjustment,” Bessent responded.
“So, there’s a big difference between insipid, endemic inflation within the system and consistent price level increases and a one-time adjustment,” he added.
Trump also said Saturday that the tariffs will result in an “economic revolution.”
“We have been the dumb and helpless ‘whipping post,’ but not any longer,” the president said on Truth Social. “We are bringing back jobs and businesses like never before. Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast!”
National Economic Council Director Kevin Hassett defended the president’s tariffs on Sunday, saying he didn’t think there will be a “big effect on the consumer in the U.S.”
