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.