Democratic Lawmakers Launch Fierce Attack, Bessent Admits Mistake: "Tariffs Drive Up Inflation" is Wrong

Odaily News U.S. Treasury Secretary Scott Bessent admitted on Wednesday, under questioning from several Democratic lawmakers, that the view he and his Key Square investment firm conveyed to partners in January 2024 — before Trump won re-election — that "tariffs are inflationary" was incorrect.

During a frequently contentious hearing before the House Financial Services Committee, Bessent was questioned by lawmakers over the document and stated he wished to correct the record.

"If I was wrong before, I'm happy to correct it. My statement that tariffs could be inflationary was indeed wrong," Bessent, a Trump appointee, told the lawmakers.