Treasury Secretary Scott Bessent on Wednesday defended the administration’s aggressive trade policies, unveiling a comprehensive "3 through 3" economic blueprint designed to sustain high GDP growth while neutralizing "structural inflation." Deconstructing critics' claims that import penalties harm American consumers, Bessent argued that persistent price pressures are rooted in domestic services rather than the government's newly revived global trade barriers.
The Tariff Reboot And Service-Sector Inflation Speaking in a wide-ranging interview on CNBC, Bessent dismissed warnings that defensive economic measures spike consumer costs.
"People like to say that it's added to inflation, but when you look at the data, the structural inflation has been in services," Bessent clarified, noting that service-sector dynamics are entirely insulated from global import markets.
To protect American manufacturing and strengthen national security, the Treasury Secretary confirmed the administration has actively "rebooted the tariff program." The current framework utilizes Section 122 tariffs to establish a temporary 10% global baseline while the administration awaits the completion of deeper Section 301 supply chain studies.
