Scott Bessent Tells Kristen Welker When Americans Should See Lower Prices

Treasury Secretary Scott Bessent told “Meet the Press” host Kristen Welker on Sunday that Americans should see prices for some products fall within weeks.

President Donald Trump announced On November 14, it reported that tariffs on some imported food products would be suspended, citing progress in trade negotiations. Bessent told Welker that the Trump administration has made progress in lowering prices by tackling the problem of illegal immigration and also trying to achieve lower interest rates while reducing inflation. (RELATED: Democratic Party Representative Blurts That He's 'All For You Paying Higher Taxes Everywhere in the Country')

“In March 2024, I wrote an article and talked about the three I's that were killing Americans: immigration, interest rates and inflation. President. [Trump]The border is closed and mass immigration has stopped, and this has resulted in most immigration putting upward pressure on housing and downward pressure on wages.”

“Interest rates have come down and now we're starting to see affordability. Prices are improving. We had a very strong October for home sales,” Bessent continued. “Energy prices: Gasoline is falling. We've seen… we believe health care is going to fall: next week we'll see an announcement about that. And so, across the board, prices are starting to come down. We're in Thanksgiving week. This will be the lowest cost of Thanksgiving dinner in four years. Prices in Turkey are down 16%.”

LOOK:

Welker doubts whether Trump will impose tariffs imposed stimulating trade negotiations led to higher prices.

“Inflation hasn't risen, and Kristen, the one thing we're not going to do is do what the Biden administration did and tell the American people that they don't know how they feel,” Bessent responded. “They are traumatized and [sic] about Biden's inflation. We have slowed inflation and are working hard to bring it down.”

Welker then pressed Bessent for inflation figures.

“Let me ask you about tariffs because there is a big announcement about tariffs,” Welker said. “Since you were last on this program, the administration announced that it was reducing tariffs on more than 200 food products. You recently said that you believe tariffs help consumers. If tariffs help consumers, why is the administration cutting them?”

“Well, first of all, Kristen, if you look at the data – imported goods – inflation hasn't really changed. Inflation is rising because of the services and service industries, so it has nothing to do with tariffs, and a lot of food items where inflation is going down, [U.S. Trade Representative] worked very hard on trade deals, and the trade deals that have been in the works for six or eight months coincide with many of the countries in Latin America and Central America where the food products you just named come from.”

Bessent earlier collided with Welker during an appearance on Meet the Press in October 2025, accusing the NBC host of trying to cherry-pick data.

“Banana prices are up almost 7%, coffee prices are up almost 19%. Isn't the fact that you're cutting tariffs an admission that they actually end up raising prices for consumers?” Welker asked. Bessent responded, “Kristen, how much does your arm weigh?” (RELATED: Scott Jennings on Democratic Strategist Who Said Trump 'Sucks' to the GOP)

“I don't know that,” a laughing Welker responded, before Bessent said, “Exactly, but you know how much you weigh; you step on the scale every morning. Inflation is a composite number and we look at everything… We're trying to bring down what we can control and, like I said, what we're working on – energy prices are falling and everything flows from that, and I think we'll see other prices coming down.”

Welker then asked how soon prices would drop.

“Some of them will come down in a few weeks, some of them will come down in months,” Bessent said.

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