Tariffs May Raise Prices Slightly But Will Deliver Tax Relief for Bottom 50 Percent, Bessent Says

Treasury Secretary Scott Bessent said consumers could see a one-time price increase of about 2 percent for every 10 percent of new tariffs imposed on foreign goods, and that the revenue from tariffs would be used to reduce living costs for lower-income Americans. He noted that under President Donald Trump’s first term, the actual inflationary impact of tariffs was significantly lower. Bessent made the comments during an April 4 interview with Tucker Carlson, in response to a question about how much tariff revenue the Trump administration expects to collect and how it plans to use it to offset the effects of upcoming tax cuts....