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Scott Bessent: “Their inflation was probably 35% [for working families].”

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

Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar

Published June 25, 2026 | Video Starts at 33:28

I know Jason Trinity here tonight, he has an index that measured how working families bundle of goods and services in terms of groceries, rent, insurance, car payments. They probably Their inflation was probably 35% [for working families]. So people are still hurt from that. We had a price level change which is very difficult to, to bring down. (33:28–33:31)

CLAIM

Asserts that inflation for working families was approximately 35%.

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

“The largest bank in Iran collapsed because of our sanctions.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 26:29-26:34
“Some outside consulting firms think that we've created 3 trillion of extra lending capacity in the regulated banking system.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 31:18-31:28
“There's 21.5% inflation, probably the worst in 50 years and big drop in real wages.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 33:01-33:12
“44% of the returns we got this year took advantage of at least one of the no tax on tips, no tax on overtime, reduced taxes.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 34:33-34:52
“Only 15% of our seniors paid taxes on their Social Security.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 34:52-34:57
“Michael and Susan Dell have contributed $6.25 billion [to a program for families not in the top 20% income zip codes].”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 42:19-42:26
“The hyperscalers are going to spend at least $750 billion this year.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 48:11-48:19
“In boom markets like Atlanta, South Carolina, Alabama, Texas, some of the larger aggregators might be buying up to 15 or 20% of the markets.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 56:07-56:22
“Under President Trump's leadership, the US treasury is working to restore economic security as the foundation that allows a nation to…”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 05:10-05:22
“In recent decades, we've watched strategic industries migrate abroad.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 07:44-07:49
“Critical supply chains concentrate in jurisdictions that do not share our interests.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 07:48-07:54
“Foreign subsidiaries forced technology transfer, discriminatory taxation and non market practices.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 07:53-08:03
“We've emboldened other countries to exploit our dependence as leverage.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 08:19-08:24
“Economic security begins with national capacity.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 09:00-09:05
“The nation that cannot produce what it needs is not truly secure.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 09:24-09:28
“America must lead in [semiconductors, AI, quantum computing, advanced manufacturing, shipbuilding, critical minerals, and pharmaceuticals].”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 10:15-10:18
“Supply chain resilience does not require every component to be domestic from beginning to end.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 11:04-11:13
“America's openness must be matched by reciprocity.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 11:38-11:43
“Countries cannot seek access to our market while denying fair access to theirs.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 12:35-12:41
“The United States possesses many tools at its disposal to remedy practices that distort trade and undermine reciprocity.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 14:26-14:35
“America will write the rules of the next economy.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 14:44-14:48
“The United States should not consign itself to the sidelines while [the future of money] is built elsewhere.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 16:05-16:12
“Financial leadership is a central instrument of statecraft.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 16:32-16:38
“There is nothing accidental about the dollar's place in the world.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 16:41-16:46
“Sanctions must be targeted, enforceable, and connected to strategy.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 17:34-17:39
“Economic statecraft, first and foremost, must serve the American people.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 17:48-17:54
“America's competitive advantage has never been confined to the bounty of our natural resources or the depth of our capital markets.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 18:27-18:36
“Our partners should expect a nation committed to strong alliances and productive economic relationships.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 19:28-19:34
“The American people should expect that the Trump administration will continue to put their security and prosperity first.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 20:33-20:41
“We have been and will remain the most important economic partner in the world.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 22:23-22:29
“We have told the Iranians that we would like a big deal.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 26:07-26:13
“Central bank had to print money and they had massive inflation.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 26:33-26:38
“We have allowed them to, we've unsanctioned their oil.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 26:57-27:02
“The Iranians were always selling their oil. They were always selling it to the Chinese and at a discount.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 27:02-27:10
“It is better for the world and worse for them if they are getting, let's say it's the Brent rate, 75, $76 today, the full rate, rather than…”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 27:12-27:32
“We have done the sanctions relief and this is a general benefit to the global markets.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 27:54-28:02
“The fact that they are at the table discussing their nuclear program has never been done before.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 28:12-28:20
“We want to do substantial financial deregulation.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 31:09-31:12
“President Trump's first term real wage growth for hourly workers did better than management.”
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“The bottom 50% of economic households did better than the top 10 [in real wage growth].”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 34:18-34:23
“Gas prices will come back down, inflation will come back to target.”
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“We had seen real wage gains in every month of President Trump's presidency until April.”
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“We are bringing back critical industries, we are deregulating and letting the economy go.”
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“We are pushing innovation and economic freedom.”
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“I am a big proponent of small and community banks.”
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“We overreacted and the financial straitjacket for our regulated institutions became much too tight.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 38:16-38:24
“We are bringing lending back into the regulated financial system where we can oversee it.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 38:36-38:44
“Private credit is a great new innovation in terms of our US Financial markets.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 38:52-38:59
“The President said Chair Warsh is swearing in that he would be independent.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 40:16-40:24
“Children born during President Trump's term will receive an initial thousand dollar seed investment.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 41:49-41:56
“The biggest risk to AI is China getting ahead of us.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 50:09-50:14
“I am the point person in terms of the economic relationship with China.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 50:24-50:31
“Germany was an industrial powerhouse, they did it with a strong currency.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 51:07-51:12
“I might say it's 6.7% change in the dollar since last year.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 51:28-51:33
“We have no ability to regulate [housing supply] at the federal level.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 54:44-54:45
“There have been no advances in housing technology in 50 or 100 years.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 55:13-55:18
“We are hoping to be able to put out an all of government approach to try to standardize not zoning standards by municipality, but building…”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 55:17-55:31
“There is a tax arbitrage between investors buying housing who can depreciate the buildings and a residential buyer.”
Treasury Secretary Scott Bessent's America 250 Address: Economic Statecraft, Tariffs, and the Dollar | Uploaded June 25, 2026 | 56:25-56:35