U.S. Treasury Secretary Scott Bessent revealed more details about how the Trump administration is fighting for everyday affordability and what’s next in the plan to deliver $2,000 paychecks to working Americans.
During an exclusive interview on “Sunday Morning Futures” with FOX Business’ Maria Bartiromo, Bessent warned that the “perfect storm” is brewing for inflation while spotlighting federal responses.
“This is the perfect storm,” Bessent responded to a question 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] that [this] is going to give Americans real purchasing power increases. It’s going to be through growth.”
Bessent also noted that long pricing cycles, immigration-related cattle disease concerns and border restrictions on Mexican beef have added to the “perfect storm” he described.
Although October inflation data has been delayed because of the government shutdown, President Donald Trump on Sunday touted improving consumer prices and said some retailers are offering lower-cost Thanksgiving meals — up to 25% less — compared to what they charged under the Biden administration.
OMAHA STEAKS C.E.O. WARNS AMERICAN FAMILIES WILL SOON FACE ‘$10-A-POUND REALITY’ FOR BEEF
Food prices have also been top of mind for cattle industry leader and Omaha Steaks CEO Nate Rempe, who warned Bartiromo on Friday that beef could cost $10 per pound by the third quarter of 2026.
With inflationary pressures still at play across the country, the Trump administration announced last week it plans to use tariff revenue to issue $2,000 payments to low- and middle-income Americans, with any remaining funds directed toward reducing the nation’s massive debt.
“We need legislation for that,” Bessent said of the potential checks. “Thanks to him keeping his campaign promises to working Americans … the working class … [no] tax on tips, Social Security overtime, we are going to see a big bump there in the first quarter with the refunds and the real incomes … Sending $2,000 refunds … that would be for working families. We’ll have an income limit.”
“Just this past week, we signed the trade deals,” he also noted. “So not only will the tariffs come off some of the things you just listed, like coffee, like cocoa, bananas, many other items – that’s a result of the trade deals going through. And then we will see [cost of living] go down.”
Since Trump announced his ‘Liberation Day’ tariffs in April, tariff revenues have climbed sharply from $22.1 billion in May to $27 billion in June and $28 billion in July. Total duty revenue reached $195 billion in fiscal year 2025, which ended Sept. 30, according to the Treasury Department’s monthly statements.
Tariffs typically raise billions, not trillions, in revenue — a fraction of what would be needed to make a dent in the more than $38 trillion national debt.
“I will tell you what we’re not going to do. What we’re not going to do is tell the American people that they don’t know how they’re feeling, which is what the Biden administration did,” Bessent said. “And we are working every day to get these prices down.”
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FOX Business’ Amanda Macias and Sophia Compton contributed to this report.
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