Scott Bessent urges tax cuts to offset possible tariff inflation

Published May 19, 2025 7:47am ET



Treasury Secretary Scott Bessent suggested critics of President Donald Trump‘s tariff plan should be open to cutting taxes, calling them “deflationary.”

Trump announced a sweeping tariff plan early last month, placing a blanket 10% tariff on imports into the United States and higher rates for select countries. Roughly a week after announcing the tariff plan, the president paused some of the higher rates, allowing trade deals to be made. He has since announced a trade deal with the United Kingdom and a temporary agreement with China, which reduced some tariffs.

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