Top Trump Administration Figure Warns of Rising Prices from Tariffs (VIDEO)

Treasury Secretary Scott Bessent conceded on Sunday that President Donald Trump’s tariffs could increase prices for consumers.

Walmart CEO Doug McMillon announced on a Thursday earnings call that the company would raise its prices due to the tariffs after recording a slip in first-quarter profits, despite strong quarterly sales and a bump in operating profit. During a Sunday appearance on “State of the Union,” Bessent said he spoke to McMillon, who told him that Walmart would potentially pass tariff-related costs on to American shoppers.

“I did speak to Doug McMillon, who I have a very good relationship, yesterday, just to understand what he had to say. And, you know, understand that came from an earnings call. On an earnings call, because of [Securities and Exchange Commission] requirements, they have to give the most draconian case,” Bessent said. “So, Walmart will be absorbing some of the tariffs. Some may get passed on to consumers. But the other thing that’s happening is that inflation is down. We had the first drop in inflation in four years under President Trump.”

“The other thing that Doug mentioned to me is for his consumers, for his buyers, the most important thing are gasoline prices. And this administration has gotten gasoline prices down, service prices are down,” Bessent continued. “So overall, I would expect inflation to remain in line. But I don’t blame consumers for being skittish after what happened to them four years under Biden. We had the worst inflation in 40 years.” (Read more from “Top Trump Administration Figure Warns of Rising Prices from Tariffs (VIDEO)” HERE)