Trump’s Treasury Chief Blows It Live on TV

Summary

Bulwark Takes: Detailed Summary of "Trump’s Treasury Chief Blows It Live on TV"

Release Date: May 18, 2025

In this episode of Bulwark Takes, host Tim Miller delves into the recent public appearances of Treasury Secretary Scott Bessant, analyzing his comments on prominent news platforms and their implications for the U.S. economy. The discussion is particularly focused on Bessant's interviews with Jake Tapper of CNN and Kristen Welker of MSNBC's Meet the Press. Miller provides a critical examination of Bessant's statements, highlighting inconsistencies and potential missteps in the administration's economic policies under President Trump.

---

1. Treasury Secretary Scott Bessant's Comments on Tariffs

Tim Miller begins by addressing Bessant's remarks regarding the impact of tariffs on major corporations, specifically referencing Walmart CEO Doug McMillon's acknowledgment during the company's earnings call.

• Miller Highlights: Bessant confirmed that Walmart would "eat some of the tariffs," akin to practices in previous years (02:19).

• Notable Quote:

  "Walmart is in fact going to, as you describe it, eat some of the tariffs that just as they did in 18, 19 and 20." – Scott Bessant (01:11)

Analysis: Miller criticizes Bessant for contradicting the administration's narrative that tariffs are a strategic tool to benefit American businesses by harming foreign competitors. Instead, Bessant admits that these tariffs directly affect American companies' profitability, forcing them to absorb costs or pass them onto consumers. This admission undermines President Trump's claims of tariffs being a boon for the U.S. economy.

---

2. Impact on Walmart and American Consumers

The discussion shifts to the broader economic repercussions of tariffs, emphasizing the burden on both corporations and consumers.

• Miller's Critique:

  "It's just unimaginable. Like the outrage, the outcry in the business community on CNBC and the Wall Street Journal... Trump is doing an attack on the job creators and his treasury secretary is out there just saying, yeah, they're just going to have to eat it." – Tim Miller (02:19)

Notable Insights:

• Tariffs as a Double-Edged Sword: American companies like Walmart are experiencing decreased profitability, which can lead to reduced investments and job cuts.

• Consumer Impact: Bessant noted that "some may get passed on to consumers," indicating that higher prices for goods are likely, countering the administration's promise of economic relief.

---

3. Moody's Downgrade of U.S. Credit Rating

Miller addresses the recent decision by Moody's to downgrade the United States' credit rating, a significant move as Moody's is recognized as a reputable rating agency.

• Notable Quote:

  "Who cares? People should care... this is not a surprise that the ratings agencies are going to downgrade us." – Tim Miller (06:54)

Bessant's Response:

"Who cares? Qatar doesn't, Saudi doesn't, UAE doesn't... These trillions of dollars of investments that are going to create jobs." – Scott Bessant (06:33)

Miller's Analysis: Miller vehemently disagrees with Bessant's dismissive attitude toward the downgrade, arguing that it reflects poorly on the nation's fiscal discipline. He points out the administration's lack of efforts to control the ballooning national debt, exacerbated by recent tax cuts favoring the wealthy, which threaten long-term economic stability.

---

4. Middle Eastern Investments and Economic Promises

The episode further explores Bessant's comments on significant investments from Middle Eastern countries into the U.S. economy.

• Notable Quote:

  "I say that the gifts are to the American people. These trillions of dollars of investments that are going to create jobs." – Scott Bessant (09:03)

Miller's Critique:

• Skepticism Over 'Gifts': Miller challenges the notion that these investments are inherently beneficial, questioning the administration's portrayal of them as unambiguous gifts to Americans. He sarcastically remarks, "No, thanks," expressing doubt that the benefits will reach ordinary citizens.

• Underlying Intentions: He suggests that such investments may primarily serve political or personal agendas, such as President Trump's desire for opulent displays of wealth, rather than genuinely aiding the average American.

---

5. Overall Assessment of Scott Bessant's Performance

Miller concludes his analysis by reflecting on Bessant's demeanor and effectiveness in communicating economic policies.

• Notable Observations:

  • Inconsistency and Nervousness: Bessant appeared "choking over the answer" during the Jake Tapper interview, indicating unpreparedness or discomfort with the subjects discussed (04:20).

  • Haughty Attitude: Despite shaky performances, Bessant maintains a "haughty" demeanor, believing he is effectively managing economic policies, which Miller finds unconvincing.

---

Conclusion

In this episode, Bulwark Takes provides a critical lens on Treasury Secretary Scott Bessant's public statements, unveiling the contradictions and potential flaws in the Trump administration's economic strategies. Tim Miller emphasizes the adverse effects of tariffs on American businesses and consumers, questions the dismissal of significant credit rating downgrades, and remains skeptical of touted foreign investments. The episode serves as a comprehensive analysis for listeners seeking an in-depth understanding of the complexities and challenges within current U.S. economic policies.

---

Timestamp References:

• 01:11 – Bessant's remarks on Walmart eating tariffs
• 02:19 – Miller's critique of Bessant's statements
• 04:20 – Bessant's interview with Jake Tapper
• 06:33 – Bessant's response to Moody's downgrade
• 06:54 – Miller's analysis on Moody's downgrade
• 09:03 – Bessant's comments on Middle Eastern investments
• 09:29 – Miller's response to Bessant's investment claims

---

Note: This summary excludes non-content sections such as advertisements and outros, focusing solely on the substantive discussions presented by Tim Miller in the episode.

Transcript

[Ryan Seacrest]

Hello, it is Ryan. And we could all use an extra bright spot in our day, couldn't we? Just to make up for things like sitting in traffic, doing the dishes, counting your steps, you know, all the mundane stuff. That is why I'm such a big fan of Chumba Casino. Chumba Casino has all your favorite social casino style games that you can play for free anytime, anywhere with daily bonuses. That should brighten your day a little.

[Tim Miller]

Actually a lot.

[Ryan Seacrest]

So sign up [e-mail] that's chumbacasino.com no purchase necessary.

[Tim Miller]

B2 prohibited by law. See terms and conditions 18/ hey everybody, it's Tim Miller from the Bulwark. My favorite affected Treasury Secretary Ponce Scott Besant was doing the rounds this morning. He's on with Jake Tapper as well as Kristen Welker on Meet the Press and wanted to highlight a few of his comments, starting with a response to the Walmart CEO said in an earnings call this week that they were going to have to eat some of the tariffs. Not really a great sign there when you have this massive company that touches so many parts of the economy expressing those concerns on their earnings call. So obviously Besant was asked about that on both shows. Let's go to his chat with Kristen Welker first.

[Scott Bessant]

I was on the phone with Doug McMillan, the CEO of Walmart yesterday and Walmart is in fact going to, as you describe it, eat some of the tariffs that just as they did in 18, 19 and 20. The other thing though that we are seeing that Doug passed along to me that with their consumer, the single most important thing is the gasoline price and gasoline prices have collapsed under President Trump. So we are seeing that the other thing that will happen that is a direct tax cut for or consumers, then the transportation cost are also a big input. So let's see what happens. What you were describing was Wal Mart's earnings call. The other thing that companies have to do, they have to give the worst case scenario so that they're not sued. So you know, I think overall we are seeing a decline in services inflation and I we saw inflation come down for the first time in four years.

[Tim Miller]

So interesting there Bessen who you know had said let them eat big screen TVs a little while ago, talk about how Americans didn't really need cheap goods a little bit with let them eat tariffs. Let Walmart eat some of the tariffs. Besson said Walmart will eat some of the tariffs. This is interesting because again Trump has been pushing the fact that the tariffs are gonna be a tax on these other countries and we're gonna get rich off of them. Now it's American companies that have to eat it. I do this over and over again, but it is just unimaginable. Like the outrage, the outcry in the business community on CNBC and the Wall Street Journal. If Barack Obama had just been like, yeah, Walmart's just gotta eat it when I put a stupid policy on them that is going to hurt earnings, hurt their profitability, you know, there would be this outcry about how this is an attacks on the job creators in business. Well, Trump is doing an attack on the job creators and his treasury secretary is out there just saying, yeah, they're just going to have to eat it. Another interesting side note of this. Well, too, I have when he talks about how the good news is that the energy prices are collapsing, it's actually not a great economic sign that energy prices are collapsing. I know everybody wants low gas prices and low prices at the pump. Pump, but the prices aren't collapsing because of good news. They're collapsing because there's concerns about recession. So I just think it's funny. It's a funny spin, a funny talking point. Energy prices are collapsing. We're doing so well. And also just you'll get to see in the Tapper interview, I don't know which one was taped first. He seemed a little sharper in the Tapper interview because in this one he's like choking over the answer, trying to kind of spit out how to defend this. Wasn't, wasn't really, I don't know, it didn't fill me with confidence. Let's just say, let's look to his answer on Tapper.

[Scott Bessant]

Jake, in essence, what you're saying is you're saying taxes are inflationary. So let's pass the Trump tax cuts and that'll be disinflationary if we continue that line of thinking. I don't know that you can put me on as endorsing anything, but go ahead. Well, let's, let's just keep everything consistent. I did speak to Doug McMillan, 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. They are on an earnings call because of FCC requirements. They have to give the most draconian case. So Wal Mart 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. So overall I would expect inflation to remain in line. But I don't blame consumers there for being skittish after what happened to them. Four years under Biden, we had the worst inflation in 40 years.

[Tim Miller]

He goes even further. I said his answer was better here. I just his performance was a little better. He didn't seem quite as nervous and jittery. But the actual line here, some will get passed on to consumers. So once again, this is them admitting that the whole conceit of these tariffs, that there are attacks on foreign countries, we're going to get rich on them, was wrong. And the consumers are going to bear the brunt of this. So you've got in two interviews Scott Bessant saying, yes, Walmart will eat it, so we'll lose. So, you know, big American companies are going to lose profitability because of this and consumers are going to get hit. So it's a double whammy. And he admitted it over the course of two interviews. Also want to talk about speaking of bad things going on with the economy, Moody's had downgraded America. I think that happened after my last pod on Friday. So I haven't had a chance to cover it yet. Moody, Moody's downgraded our credit rating off of aaa, the last rating agency to do so. And here was Besson's response to that on Meet the Press.

[Scott Bessant]

And if we go back to your initial question on the Moody's downgrade, who cares? Qatar doesn't, Saudi doesn't, UAE doesn't. They're all pushing money in. They want to, they've made 10 year the, they've made 10 year investment plans. So this administration, we're doing peace deals, trade deals and tax deals.

[Tim Miller]

Who cares? Who cares? People should care. I mean, again, there was once a time where there was concern about fiscal discipline, not just tax cuts in the Republican Party. And the fact that we have this bill happening on the Hill right now, which is going to just balloon the debt even more, where there is no even attempt to try to bring, you know, some fiscal responsibility. And you start to look at like how much we are paying per month in interest on our debt. You know, like the percentage of the GDP that's going to interest on the debt is higher than you'd like it to be. And it's not catastrophic, but it's higher than you'd like it to be. And now we're just, you know, going to press the gas on that in this new bill to pay for massive tax cuts for people at the top end of the scale. It is just a totally nonsensical plan from a fiscal responsibility standpoint. And in the context of these guys acting like Doge was all about dealing with the deficit but tariffs were going to deal with the deficit, the opposite has happened. They're putting forth a plan that is going to balloon the deficit more than any other of the recent presidents have, who haven't exactly been very fiscally responsible going back through Biden, Trump before that, then Obama, then W and all of them increase the debt. And what, what his plans are for here is, is larger than all of them. So it's not a surprise that the ratings agencies are going to downgrade us. But, but you know, from Besson's standpoint, who cares? Because the Qataris like us, you know, we can do bribes with regional like mid, mid to small mid regional sand sand dictatorships. You know, these, the theocracies, the quasi, the theocratic fascists in the Middle east will do deals with us still. So who cares what the, what the ratings agencies say? Lastly, speaking of those, our new besties in the Middle east, he was asked, of course, about the plane. And I liked this one.

[Scott Bessant]

I say that the gifts are to the American people. These trillions of dollars of investments that are going to create jobs. Whether it's the UAE building this gigantic aluminum plant in Oklahoma, whether it's these data centers that Qatar is going to do, is 600 billion on its way to a trillion from Saudi that it all accrues to the American people.

[Tim Miller]

It's a gift to the American people. In the Tapper interview, we don't need to play that one. But he does the Statue of Liberty comparison, which is like, did the Statue of Liberty go to the presidential library of James Garfield? I don't think so. Was that really like akin to a fancy plane for Donald Trump? No, and everybody knows that. But I love this one, which is that it's a gift to the American people. I guess what he's trying to say is that the gift is all of the wealth that we're going to get from Qatar, though I don't really. No, thanks. As far as I'm concerned, it's not a gift I'm interested in, but there's just this whole notion that this was some, that the dear leader just with his grace and generosity bestowed this on the American people. He's so happy to share this gift. Bullshit. Do I get to ride on the plane? You know, do my boys down on the west bank over here, they get to ride on the plane? My kids, folks I grew up with in Littleton, Colorado, regular people with regular jobs. Any of them get to ride on the plane? No. This is not a gift to the American people. This is a gift to Trump because Trump wants a fancy plane because he's embarrassed that Air Force One is too old and he likes to have gaudy, opulent shit. So, anyway, thanks, but no thanks on the gift to the American people. There's Scott Besson again, just kind of stammering and really struggling. And you can see the worst part about it is he's so haughty. You can see how proud of himself he is. Like he thinks that he's like that he's doing something well here. You're not fooling anybody, Scott. You're not fooling anybody. Everybody sees through was yet another shaky performance from somebody that thinks he's doing a lot better job than he is. So, anyway, we'll be back here for more. I'll be back with Bill Kristal tomorrow. He had a very important discussion with Tom Malinowski, former congressman from New Jersey, today. Go and check that out if you've missed it. And then I'll be back with Bill as usual on Monday. We'll be seeing you all then. Go Nuggets. My old school, Mount Mutombo Jersey. Now, here, let me just show it to you. Everybody's going to see it. There we go. Go Nuggets. We'll see y' all soon. Subscribe to the feed.

[Ryan Seacrest]

Ryan Seacrest here. When you have a busy schedule, it's important to maximize your downtime. One of the best ways to do that is by going to chumbacasino.com Chumba Casino has all your favorite social casino games like spin slots, bingo and solitaire that you can play for free for a chance to redeem some serious prizes. So hop on to chumbacasino.com now and live the Chumba life. Sponsored by Chumba Casino.

[Tim Miller]

No purchase necessary. VGW Group void where prohibited by law, 21/ terms and conditions apply.