Treasury Secretary Scott Bessent downplayed claims on Sunday that tariffs were harming American businesses and consumers, arguing that any short-term costs were outweighed by long-term benefits to U.S. competitiveness.

Bessent argued that President Donald Trump's economic agenda has only been in effect for "a couple of months" and that the tariff policies need more time to play out.

He added that the sweeping measures will strengthen domestic manufacturing and create new construction and factory jobs.

"We can't snap our fingers and have factories built," Bessent told NBC's Kristen Welker on "Meet the Press," adding that the Trump administration is expecting to see a "substantial acceleration" in the fourth-quarter.

The U.S. collected more than $31 billion in tariff revenues

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