On a recent episode of NBC’s Meet The Press, Treasury secretary Scott Bessent was presented with claims that certain U.S. corporations have been adversely affected by President Trump’s tariff policies. The conversation began with a report from The New York Times highlighting machinery manufacturing powerhouse, John Deere. According to the report, the higher tariffs have so far led to losses of $300 million for the company, and the subsequent layoff of 238 employees across Illinois and Iowa factories.
As expected, these allegations raised eyebrows and sparked a heated discussion. Bessent, however, brushed off the allegations, citing shortcomings of the cited source. He questioned the reliability of The New York Times, casting doubt on its stance as a fair observer. An astute point, given the reputation of the publication for its bias against Trump’s administration.
Ignoring the possible bias in the report, the host emphasized that the focus was on John Deere, and not The New York Times. Bessent, however, was not swayed. His skepticism of the article remained, citing that the publication might’ve cherry-picked one unhappy company out of many that are prospering under Trump’s tariff regime.
Bessent stressed that the Treasury Department’s experiences paint a different picture. He noted that the department was receiving a considerable number of positive reports from companies who found the tariffs beneficial. In fact, he stated that many businesses have seen an upturn in their fortunes due to these policies.
The host then attempted to expand the discussion to other big-name corporations, like Nike, which claimed it would have $1 billion tariff-related costs this year. Black & Decker, claimed $800 million, and the Big Three automakers cited over $2 billion in tariff-related expenses. Again, the question was raised – isn’t this a tax being paid by American people?
But Bessent was quick to deflate these assumptions. He prompted the host to consider the stance of Japanese automaker companies who stated they are absorbing the tariffs. He further countered that these American corporations, too, are absorbing the costs of tariffs.
He pointed out that financial forecasts made during company earnings calls often zero in on the most extreme scenarios. He suggested that Fortune 500 companies may be guided more by fear than by the reality of their situation under Trump’s tariff policies.
Bessent then turned to the cases where companies had loudly announced their thriving under the tariffs. Big players like Micron and Apple, he pointed out, were actually increasing their investments in the United States. Clearly, there were companies that navigated the tariffs successfully, finding ways to turn them to their advantage.
What’s more, Bessent challenged the bleak picture being presented by asking why GDP growth was buoyant at 3.3%. He pointed at the stock market, which was at record highs, suggesting that if the situation was as dire as painted by some, these key indicators wouldn’t be so robustly healthy.
Bessent further highlighted the balance in Trump’s approach – preferences were not just given to gigantic corporations. Small companies too benefited from the strategic policies. He questioned the narrative that tariffs were harming only large American corporations.
He drew attention to the fact that the large company index, S&P, was at an all-time high. This fact contradicted claims of widespread harm from tariffs. If tariffs were so harmful, why were large companies thriving to the point that the stock market was reaching new highs?
Questioning the common anti-tariff narrative maintained by some media outlets, Bessent stressed that it wasn’t a universally accepted perspective. He emphasized that there were plenty of data points showcasing the positive impact of the tariffs.
As the discussion drew to a conclusion, the host reiterated his query – were the tariffs essentially a tax on American consumers? But Bessent, continuing with his logical line of argument, simply said, ‘No, I don’t agree’.
Bessent’s views underscored a broader context: while some companies struggled with tariffs, it didn’t mean every firm nationwide faced the same outcome. It is only natural that some businesses will find policies less beneficial than others. This doesn’t warrant painting a universally gloomy picture.
What Scott Bessent exemplified in his interaction on Meet The Press, was a dedication to stating facts and reframing one-sided narratives. He dared to question what others took for granted, and proposed refreshing alternative perspectives to consider.
This conversation serves as a reminder, that overlooks the complex panorama of corporate America whenever a discussion around Trump’s tariff policies surfaces. By focusing solely on companies that have had a hard time adjusting, the narrative risks missing out on the broader, more nuanced reality.
The post Trump’s Tariffs: Focusing on the Success Stories appeared first on Real News Now.
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