Trump Treasury pick Scott Bessent defends sweeping tariffs in contentious Senate hearing
Published On Jan 16, 2025, 1:31 PM
Scott Bessent, Trump's Treasury Secretary nominee, defended the administration's plan for sweeping tariffs during a Senate confirmation hearing. Bessent emphasized that tariffs would be used as a tool for generating revenue and negotiating trade practices. While he maintained that these tariffs might not significantly increase consumer costs, many business groups, including the US Chamber of Commerce, have warned against them, citing potential inflationary effects. The hearing highlighted disagreements on tariff strategies and ongoing debates around economic impacts.
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If Bessent's tariff plans proceed, sectors that are heavily reliant on imports could face increased costs, potentially hurting their stock prices. Industries such as retail, consumer goods, and electronics may be negatively impacted due to higher prices passed onto consumers.
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