- Treasury Secretary Scott Bessent acknowledges tariff costs are distributed across supply chains
- Defends Trump administration's trade policies as necessary for long-term economic growth
- New 10% baseline tariff and 145% China levy remain contentious with trading partners
Bessent on Tariffs: 'Not a Simple Calculation'
Treasury Secretary Scott Bessent described the economic impact of the Trump administration's sweeping tariffs as "a complicated mix of factors" when pressed about who ultimately bears the costs during a White House briefing on Monday. The comments come as businesses grapple with new 10% baseline tariffs on most imports and steeper 145% levies on Chinese goods.
"These policies are designed to rebalance global trade in America's favor," Bessent told reporters, while acknowledging that tariff costs ripple through supply chains. Retailers and manufacturers have warned the measures could lead to higher consumer prices, but the Treasury Secretary maintained the administration isn't currently concerned about store shortages.
Manufacturing Push Continues
The remarks follow Bessent's recent bullish statements to investors about Trump's economic agenda, including expanded tax incentives for factory construction. At an April 29 briefing, he framed the tariffs as part of a broader strategy to "bring back high quality industrial jobs," while predicting China would find its retaliatory measures unsustainable.
Private sector analysts remain divided on the tariffs' effectiveness. Some note increased domestic investment in sectors like semiconductors, while others point to rising input costs for manufacturers. When reached for comment, several trade associations reiterated concerns about the policy's complexity, with one retail executive calling it "a cascading cost structure that ultimately touches everyone."