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Scott Bessent: “1.5% hit to GDP, 11 billion dollars permanent hit.”

Featuring: Scott Bessent, Republican | Secretary of the Treasury | National

Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview

Published November 23, 2025 | Video Starts at 12:07

The Democrats haven't been able to stop President Trump in the courts. They haven't been able to stop him in the media. So they had to harm the American people. 1.5% hit to GDP, 11 billion dollars permanent hit. They don't care. So I believe that Senate Democrats, if the, if Senate Democrats close the government again, that Senate Republicans should immediately abrogate the filibuster. (12:07–12:13)

CLAIM

Asserts that the government shutdown caused a 1.5% GDP hit and an $11 billion permanent loss.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Scott Bessent

“This will be the lowest cost for Thanksgiving dinner in four years.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 01:23-01:27
“Turkey prices are down 16%.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 01:26-01:29
“The longest government shutdown in history was 1.5% hit to GDP.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 05:12-05:19
“9,500 foreign flights canceled.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 05:18-05:26
“There was no Ukrainian territory taken any time that [President Trump] has been in office.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 08:31-08:37
“He put a 25% tariff on India because they were buying Russian oil.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 09:07-09:14
“They two weeks ago sanctioned Rosneft and Lukoil, the two biggest Russian oil companies.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 09:22-09:30
“There are 2.1 million service members.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 10:33-10:37
“Presidents closed the border and the mass immigration is gone.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 00:41-00:46
“Interest rates are down.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 00:51-00:53
“We had a very big October for home sales.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 01:00-01:04
“Gasoline is down.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 01:05-01:07
“Inflation hasn't gone up.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 01:49-01:52
“Blue state inflation is half a percent higher.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 02:19-02:23
“Imported goods, the inflation has actually been flat.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 02:58-03:04
“Boeing is expanding their Dreamliner plant. 1,000 new jobs.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 06:28-06:33
“I am the highest ranking US Official to have visited Ukraine.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 07:10-07:16
“We did [the economic cooperation agreement] three months later, and now it is the centerpiece for the Ukrainian economy.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 07:32-07:48
“This agreement is even funding military plants for the very innovative military sector in the Ukraine.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 07:39-07:48
“President Trump is appointed president of peace. This war would not have started.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 08:28-08:32
“I am confident that every order that President Trump gives is lawful.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 08:28-08:31
“President Trump has put more pressure on the Russian Federation with economic sanctions.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 08:42-08:49
“President Trump moved forward with a bold initiative that the Europeans would not follow us on.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 09:01-09:07
“The price of Russian oil has collapsed very quickly.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 09:29-09:33
“This was a display of gross, gross negligence here.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 10:28-10:33
“The Democrats kept the government shut down.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 11:48-11:53
“Senate Republicans should immediately abrogate the filibuster.”
Bessent says inflation 'has nothing to do with tariffs' as U.S. rolls them back: Full interview | Uploaded November 23, 2025 | 12:23-12:28