Tariffs do not cause inflation, says Treasury Secretary Scott Bessent

Summary

Treasury Secretary Scott Bessent testified before the House Financial Services Committee, where he rejected the claim that tariffs cause inflation, citing San Francisco Federal Reserve data. Ranking Member Maxine Waters challenged him, arguing tariffs are inflationary and have raised prices on goods like coffee and bananas. Waters also said tariffs on housing production goods such as lumber, steel, and appliances will reduce home construction and worsen housing affordability. The hearing excerpt included criticism of Wall Street deregulation and immigration enforcement but no specific investment recommendations.

• House Financial Services Committee hearing features Treasury Secretary Scott Bessent.
• Bessent says tariffs do not cause inflation, citing San Francisco Fed data.
• Ranking Member Maxine Waters disputes that, saying tariffs are inflationary and raise consumer prices.
• Waters criticizes tariffs on coffee, bananas, lumber, steel, and appliances.
• She says housing production tariffs will reduce homebuilding and worsen affordability.
• The exchange also touches on Wall Street deregulation and immigration enforcement.
• No specific investment recommendations or tradable trades are made.