Key Takeaways
- Tariff Revenue Funding Relief: The Trump administration plans to use rising tariff revenue to send $2,000 payments to low and middle-income families while directing remaining funds toward reducing the national debt.
- Inflation Fight Focused on Growth: Treasury Secretary Scott Bessent says the administration inherited severe inflation but is flattening it through lower energy costs, falling interest rates, and policies aimed at boosting real purchasing power.
- Trade Deals Lowering Prices: Newly completed trade agreements are reducing tariffs on key goods like coffee, cocoa, and bananas, which Bessent says will bring down the cost of living for working Americans.
U.S. Treasury Secretary Scott Bessent is making it clear that the Trump administration is not just monitoring inflation, but actively fighting to restore everyday affordability for American families. In an exclusive interview with FOX Business’ Maria Bartiromo on “Sunday Morning Futures,” Bessent warned that the nation is facing a “perfect storm” for inflation, driven by the economic mess inherited from the previous administration.
“This is the perfect storm,” Bessent said when asked about the possibility of $10-per-pound beef next year. “We inherited this terrible inflation. We are flattening it out. I believe we’re going to push it down, and energy prices are down, interest rates are down. But the real thing that is going to happen is going to give Americans real purchasing power increases. It’s going to be through growth.”
President Trump has already pointed to early signs of relief. Despite delayed October inflation data due to the government shutdown, he emphasized falling consumer prices and Thanksgiving meals coming in up to 25 percent cheaper than under Biden.
Food costs remain a concern. Omaha Steaks CEO Nate Rempe recently warned that beef could hit $10 per pound by late 2026 if supply pressures continue. That reality only reinforces the administration’s push for stronger trade deals and targeted tariff reforms.
To give families more breathing room, the Trump administration announced plans to use tariff revenue to deliver $2,000 payments to low and middle-income Americans, with leftover funds dedicated to paying down the nation’s massive debt. “We need legislation for that,” Bessent said. “Sending $2,000 refunds … that would be for working families. We’ll have an income limit.”
Since Trump launched his Liberation Day tariffs, revenue has surged from $22.1 billion in May to $28 billion in July, totaling $195 billion in fiscal 2025. While tariffs alone won’t erase a $38 trillion debt, they are funding relief for working families and giving Washington a long-overdue dose of fiscal discipline.
“I will tell you what we’re not going to do,” Bessent added. “We are working every day to get these prices down.”