Treasury Secretary Scott Bessent said on Sunday that the Trump administration’s economic strategy is centered on fixing “the three I’s: immigration, interest rates, and inflation,” adding that Americans are traumatized by Biden-era inflation.
“One thing we’re not going to do is what the Biden administration did — tell the American people they don’t know how they feel,” Bessent said. “They are traumatized by Biden-era inflation. We’ve slowed it, and we’re working very hard to bring it down.”
Bessent argued that immigration has been a major driver of high housing costs and wage stagnation. With the border closed and deportations underway, he expects home prices to fall and wages to rise. He pointed to October’s strong housing data as evidence, with home sales reaching their highest level in three years.
“The prices get better,” he said. “Energy prices, gasoline are down, we believe health care is going to come down. This will be the lowest cost for a Thanksgiving dinner in four years. Turkey prices are down 16%.”
While inflation ticked up to 3% from its 2.3% low earlier this year, Bessent insisted it remains under control. He noted that Federal Reserve Chair Jerome Powell has lowered interest rates by 0.50% this year and have another rate cut on the table for December.
Bessent credited the president’s peace agreements, tax reforms, and new trade deals as key drivers of future affordability. His remarks come days after Vice President JD Vance called on Americans to have “a little bit of patience” with the Trump administration’s economic strategy.
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Recent criticism has focused on rising prices for certain food products. NBC’s Kristen Welker asked Scott Bessent if the administration’s rollback on tariffs proves Trump’s trade policies are raising consumer costs.
Bessent dismissed the argument, saying inflation “is a composite number” with many moving parts, meaning overall inflation can remain stable even as some products fluctuate. He predicted broader price declines once United States Trade Representative Jamieson Greer finalizes new agreements in Latin America.
He also pointed to last week’s rollback on tariffs for more than 200 food products as proof that the White House is “pushing down the prices they can control,” rejecting claims that tariffs hurt consumers.
“Some prices will come down in weeks, some in months,” he said.
With major trade deals nearing completion, foreign peace negotiations wrapping up, and the One Big, Beautiful Bill tax reforms in place, Bessent said he is “optimistic for 2026.”
