Scott Bessent urges tax cuts to offset possible tariff inflation

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.