United States Treasury Secretary Scott Bessent has defended President Trump's economic policy before the Senate, arguing that the rise in prices is a temporary phenomenon and describing inflation as a "one-time bump" in a scenario marked by increased costs due to the war in Iran.
"Except for inflation, which I think will be a one-time bump, the economic data are very solid. The employment data have been very strong. The manufacturing PMI has remained firm," the Treasury official stated during his appearance before the U.S. Senate Banking Committee, emphasizing the strength of the main indicators.
In the same session, Scott Bessent endorsed the increase in security and defense spending promoted by the Trump Administration, which aims to bring the budget in this area to $1.5 trillion next fiscal year, as well as the construction of the grand ballroom in the White House approved by the president.
The Treasury chief highlighted the government's economic strategy, based, among other elements, on a lower regulatory burden, increased tariffs, and a reduction in tax pressure.
"Before Trump took office, our trading partners were exploiting U.S. markets, our regulatory environment was suffocating businesses, and our tax code was set up to punish workers and job creators. Today, President Trump's policies are driving lower taxes, bigger paychecks, and broader prosperity," he affirmed, defending the shift implemented by the Republican administration.
However, several Democratic senators have criticized Bessent for the inflation situation and its effect on household budgets, warning of the deterioration of families' purchasing power. Although the Treasury Secretary admitted that the current scenario is not favorable, he downplayed the problem by insisting on its temporary nature.
The most recent inflation figure in the United States stood at 3.8%, its highest level in nearly three years, compared to 3.3% in March and 2.4% recorded in February. This escalation in prices is largely due to tensions in the oil markets following the closure of the Strait of Hormuz, which has reduced global crude supply and intensified inflationary pressure.