Scott Bessent, President-elect Donald Trump’s nominee for Treasury Secretary, appeared before the Senate Finance Committee today for his confirmation hearing.
Bessent, a hedge fund manager and Key Square Group founder, expressed hope that the incoming administration will usher in “a new economic golden age.”
Central to Bessent’s testimony was the emphasis on bolstering vulnerable supply chains and ensuring the U.S. dollar’s status as the world’s reserve currency.
He advocated for the implementation of tariffs and tax cuts as mechanisms to stimulate economic growth and enhance American competitiveness, in line with President Trump’s America First vision.
Recall that Trump’s proposed measures include a 25% tariff on imports from Canada and Mexico and an additional 10% tariff on Chinese goods, set to take effect shortly after his inauguration.
President Trump announced in a statement Tuesday that he will create an External Revenue Service to counter the Internal Revenue Service’s (IRS) taxation of American citizens.
This new agency will “collect our Tariffs, Duties, and all Revenue that come from Foreign sources,” said Trump.
However, the nominee faced rigorous questioning from senators regarding the potential repercussions of these policies.
Senator Ron Wyden (D-Ore.) expressed concerns that the proposed tariffs would adversely affect consumers, describing them as a “class war on typical American families.”
“The ultimate distillation of the Trump agenda is paying for tax breaks for the top by increasing child hunger, booting tens of millions off their health insurance and laying off hundreds of thousands of manufacturing workers,” Wyden said.
“It amounts to a class war on typical American families. Scott Bessent, if confirmed, will be right in the middle of it,” he added.
Wyden attempted to frame Trump’s tariff strategy as harmful to American consumers and small businesses, a tired Democrat talking point that has repeatedly been debunked.
“I believe these tariffs—call it whatever you want in terms of trying to gussy it up—are going to be paid for by our workers and small businesses. All through the campaign, we heard they wouldn’t be, that foreign countries were going to pay for them. I think that’s baloney. They’re going to be paid for by workers and small businesses,” the Democrat senator said.
Bessent then dismantled Senator Ron Wyden’s misleading criticisms of the Trump administration’s tariff policies.
“Senator, I would respectfully disagree. The history of tariffs and tariff theory—optimal tariff theory—does not support what you’re saying. Traditionally, we see that if we were to use a number that has been thrown around in the press, like 10%, then traditionally, the currency appreciates by 4%, so the 10% is not fully passed through,” said Bessent.
“Then we have various elasticities, consumer preferences may change. Finally, foreign manufacturers—especially China, which is trying to export its way out of its current economic malaise—will continue cutting prices to maintain market share.”
WATCH:
Treasury Secretary Nominee Scott Bessent SHUTS DOWN Democrat lies about President Trump’s tariff policy pic.twitter.com/ISxaPIwKtA
— Trump War Room (@TrumpWarRoom) January 16, 2025
Social media users wasted no time in slamming Sen. Wyden.
One user wrote, “Sen Wyden has never run a business in his career. Ever. How does someone who has never run or managed a business end up on the Senate Finance Committee influencing tax policy and business incentives that directly impact businesses of all sizes? Explain it to me like I’m 5.”
Another wrote, “Democrats who love the Fed printing money are the last people who can pretend as they care about rising prices. Inflation, tariffs, income taxes, etc. are ALL taxes. We should cut the overall amount to bring down prices, but tariffs are less bad than the others.
“It’s great to see someone stand up to misinformation! We need leaders who focus on smart policies that benefit Americans, like taxing foreign countries instead of burdening our own people. Keep pushing for what’s right!”
“That senator probably looked like a deer in headlights when Scott said “optimal tariff theory” lol the senator has no idea how the economy works.”
Regarding clean energy, Wyden claimed, “We are in an arms race on clean energy with China.”
Bessent did not hesitate to dismantle the senator’s argument and fact-check it in real time.
“China will build 100 new coal plants this year,” he said bluntly. “There is not a clean energy race. There is an energy race.”
One user wrote, “Dems just cannot help be-clowning themselves. They’re so over matched by DJTs nominees, it’s embarrassing.”
WATCH:
WYDEN: “We are in an arms race on clean energy with China.”
BESSENT: “China will build 100 new coal plants this year. There is not a clean energy race. There is an energy race.”
— Trump War Room (@TrumpWarRoom) January 16, 2025
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