Tackling Inflation and Ensuring Everyday Affordability

US Treasury Secretary Scott Bessent recently provided more insights into the Trump administration’s strategies for promoting everyday affordability. In addition, he discussed the next steps in their plan to distribute $2,000 paychecks to working Americans.

Discussion on ‘Sunday Morning Futures’

In an exclusive interview on “Sunday Morning Futures” with FOX Business’ Maria Bartiromo, Bessent discussed the looming threat of inflation. He highlighted the federal responses formulated to combat this “perfect storm”.

Inflation Concerns and Federal Responses

Responding to a question about the potential for $10-per-pound beef in the coming year, Bessent described the current situation as a “perfect storm”. He noted, however, that measures are being implemented to push down inflation and increase Americans’ real purchasing power.

What Influences Inflation?

Bessent also mentioned that long pricing cycles, immigration-related cattle disease concerns, and border restrictions on Mexican beef have exacerbated the perfect storm of inflation.

Improving Consumer Prices

Despite the delay in October inflation data due to the government shutdown, President Donald Trump recently highlighted improving consumer prices. He noted that some retailers are offering Thanksgiving meals at up to 25% less than they did under the Biden administration.

Rising Food Prices

Rising food prices have caught the attention of Omaha Steaks CEO Nate Rempe. He warned that beef could cost $10 per pound by the third quarter of 2026. Read more about his prediction here.

Using Tariff Revenue for $2,000 Payments

With inflationary pressures persisting across the country, the Trump administration recently announced plans to use tariff revenue to issue $2,000 payments to low- and middle-income Americans. The remaining funds will be used to reduce the nation’s enormous debt.

Navigating Rising Costs of Living

Bessent emphasized that the recent trade deals signed by the administration will remove tariffs on several items, leading to a decrease in the cost of living.

Trump’s ‘Liberation Day’ Tariffs

Following Trump’s ‘Liberation Day’ tariffs announcement in April, tariff revenues have surged. However, this revenue is just a fraction of what would be required to significantly reduce the more than $38 trillion national debt.

Addressing Affordability Concerns

Bessent stressed the administration’s commitment to addressing affordability concerns. He mentioned efforts to bring down prices and improve the financial situation for American families. Discover more updates from FOX Business here.

Contributions to this report were made by FOX Business’ Amanda Macias and Sophia Compton.