Bessent calls tariffs 'a one-time price adjustment'

Treasury Secretary Scott Bessent said on Sunday that President Trump's tariffs are a "one-time price adjustment," which he stressed is different from continuous price increases caused by inflation.

In an interview on NBC News's "Meet the Press," moderator Kristen Welker asked Bessent about remarks from last January, when Bessent wrote, "Tariffs are inflationary."

“Have you expressed any concerns to President Trump directly that his tariff policy could be inflationary?” Welker asked.

“No, what I have said are tariffs are a one-time price adjustment,” Bessent told Welker.

“So, there's a big difference between insipid, endemic inflation within the system and consistent price level increases and a one-time adjustment,” he added.

The interview comes after Trump unveiled his sweeping reciprocal tariffs this week, as well as a 10 percent baseline tariff on imports, sending the markets tumbling.