Peter Schiff Slams Scott Bessent over Trump Tariff Comments

US Treasury Secretary Scott Bessent has found himself at the center of controversy after his recent remarks over President Donald Trump’s tariffs.  He downplayed the impact of Trump’s policy, failing to acknowledge that the levies are essentially taxes on American consumers.

Critics like Peter Schiff raise concerns over Bessent’s approach, questioning his understanding of economic policy. His stance has sparked further debate after he mentioned that the US would have to issue refunds on about half of the funds if the Supreme Court rules against Trump’s policy

“Tariffs are Not Taxes”

In a recent interview with NBC's Kristen Welker, the Treasury Secretary refused to acknowledge that the sweeping trade levies imposed globally are essentially taxes on US citizens.

While industry giants like John Deere, Nike, and Black & Decker raised complaints that the President’s policies could cost them billions annually, they stated that they are overstating the impacts. He added that these companies tend to present a worst-case scenario during earnings calls. He noted,

“You’re taking these from earnings calls, and on earnings calls, they have to give the draconian scenario. There aren’t companies coming out and saying, ‘Oh, because of the tariffs, we’re doing this.’”

Further, he pointed out positive economic indicators like a 3.3% GDP growth and record-high stock market to support his stance. He added that the current administration cares about both big and small companies. His statement read,

If things are so bad, why was the GDP 3.3%? Why is the stock market at a new high? Because, you know, with President Trump, we care both about big companies and small companies.”

Moreover, he posited that the department would provide rebates if the Supreme Court determines that Trump's move overstepped presidential authority. He noted,

“We would have to give a refund on about half the tariffs which would be terrible for the treasury… There’s no ‘be prepared.’ If the court says it, we’d have to do it.”

Peter Schiff Slams Treasury Chief

In response to his Tariff comments, Peter Schiff shared a scathing criticism of the Secretary. In an X post earlier today, Peter Schiff questioned the Secretary’s approach to the US tariff. He argued that Bessent’s denial that tariffs are a tax on Americans is absurd.

Schiff suggested two possible reasons for such a position. Either he lacks understanding of taxes or he's lying to protect the president, both of which would make him unfit for the role of Treasury Secretary. The X post read,

Scott Bessent denied that Trump’s tariffs are a tax. There are only two possibilities for such an absurd denial. 1. Bessent doesn’t understand what taxes are. 2. He lied to avoid embarrassing Trump. Either possibility disqualifies him from his job as Treasury Secretary.