Democratic lawmakers launch fierce attacks, Bessant admits mistake: "Tariffs raising inflation" is incorrect

SmartContractAuditor · 2026-02-05T08:41:21+00:00

U.S. Treasury Secretary Janet Yellen admitted at a hearing that she had previously mischaracterized tariffs as inflationary and was willing to correct that view. This statement was made in response to questions from several Democratic lawmakers.

SmartContractAuditor

2026-02-05 08:41:21

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Odaily Planet Daily News: U.S. Treasury Secretary Scott Bessent on Wednesday admitted under questioning from several Democratic lawmakers that he and his firm, Key Square, falsely claimed in January 2024—before Trump’s re-election—that “tariffs are inflationary.”

During a often tense hearing before the House Financial Services Committee, Bessent was questioned about this document and expressed a desire to correct the record.

“If I was wrong before, I am willing to correct it. The statement I made at the time that tariffs could trigger inflation was indeed incorrect,” Bessent, an official appointed by Trump, told lawmakers.

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