"Casten cut in, No, no, it says tariffs are inflationary. You had said to the chairwoman I'd like to introduce on the record a January 31, 2024 letter from, quote, Scott Bessent and the Key Square team to your partners, where that quote comes from. Casten then pressed Bessent on comments he made earlier in the hearing to Rep. Maxine Waters (D-CA), Do you want to correct what you said to the ranking member when you specifically said that you did not say tariffs are inflationary?"
"Bessent replied, Well, I think she referenced a letter in the summer or something I never Casten hit back, No, no, I think you disparaged the New York Times. You said tariffs are inflationary. You said tariffs are inflationary. Do you want to correct what you said to the ranking member, or did you lie? Bessent conceded, If I was mistaken, I want to correct it, and I was also mistaken when I said the tariffs could be inflationary."
Representative Sean Casten questioned Treasury Secretary Scott Bessent about apparent contradictions between a January 31, 2024 letter and Bessent's testimony regarding tariffs and inflation. Casten read a passage saying "Tariffs are inflationary and would strengthen the dollar" and asked whether Bessent recognized it. Bessent initially said he believed the quote referred to a letter and that tariffs "could be inflationary." Casten challenged Bessent's earlier denial to Representative Maxine Waters and directly asked if he had lied. Bessent conceded he was mistaken and said he wanted to correct his statements about tariffs.
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