Treasury Secretary Scott Bessent pushed back Sunday against growing concerns that the U.S. economy is sliding toward a \u201cjobs recession,\u201d defending the administration\u2019s trade policies, tariffs, and fiscal strategy while signaling confidence that growth will accelerate by year\u2019s end.<\/p>\n
In a wide-ranging interview on NBC\u2019s Meet the Press (full interview at the bottom), Bessent rejected forecasts from economists at Moody\u2019s Analytics and elsewhere who have warned that slowing hiring trends and manufacturing job losses point to deeper weakness. Instead, he argued that recent data is noisy, revisions are likely, and that President Donald Trump\u2019s economic agenda remains on track to deliver a “substantial acceleration” in the fourth quarter.<\/p>\n
Host Kristen Welker opened the interview by citing Moody\u2019s chief economist Mark Zandi, who recently described the U.S. slowdown as a “jobs recession.” Asked if he agreed, Bessent pushed back:<\/p>\n
“We\u2019re not going to do economic policy off of one number,” Bessent said. “Good policies are in place that are going to create good high-paying jobs for the American people.”<\/p>\n
He added that August is “the noisiest month of the year” for employment data and stressed that significant revisions are common: “We need good data before we jump to conclusions.”<\/p>\n
Tariffs at the Center of the Debate<\/strong><\/p>\n Pressed on manufacturing job losses since the April rollout of the administration\u2019s new tariffs, Bessent urged patience, noting that factories “can\u2019t be built overnight” citing a “record amount of investment intentions” already underway.<\/p>\n He highlighted July\u2019s passage of the administration\u2019s flagship tax and infrastructure package – the One Big Beautiful Bill, which included full expensing for factories and equipment. According to Bessent, many companies were “holding back” investment until the bill passed and are now planning major capital expenditures and expansions.<\/p>\n Still, U.S. manufacturing employment has declined by 42,000 jobs since April, even as the White House has promised a “manufacturing renaissance”\u201d Bessent attributed some of the perceived weakness to flawed data collection and suggested that upcoming revisions could wipe out hundreds of thousands of jobs previously reported under the Biden administration.<\/p>\n “We\u2019re going to get revisions next week that may be as big as an 800,000-job downward revision,” Bessent said. “I\u2019m not sure what these people who collect the data have been doing, but we need good data.”<\/p>\n Clash Over Tariff Costs<\/strong><\/p>\n The interview grew tense as Welker pressed Bessent on widespread reports from U.S. manufacturers that tariffs are increasing costs and forcing layoffs.<\/p>\n Companies including John Deere, Nike, Black+Decker, and the Big Three automakers have warned investors that tariffs are adding hundreds of millions – in some cases billions – in unexpected expenses. Goldman Sachs recently estimated that 86% of tariff costs have ultimately been borne by U.S. companies and consumers.<\/p>\n Bessent rejected those conclusions outright.<\/p>\n “For every John Deere, we have companies telling us the tariffs have helped their business,” he said, citing meetings with executives at Treasury. “They\u2019re increasing capital expenditures and expanding employment. And if things are so bad, why was GDP up 3.3% and why is the stock market at a new high?”<\/p>\n When asked directly whether tariffs amount to a tax on U.S. consumers, Bessent responded flatly: “No, I don\u2019t.”<\/p>\n He also dismissed Goldman Sachs\u2019s analysis, quipping: “I made a good career trading against Goldman Sachs.”<\/p>\n ???? HOLY SMACKDOWN! Scott Bessent just obliterated NBC’s Kristen Welker – this is one for the ages.<\/p>\n “Kristen, if things are so bad, why was the GDP 3.3%? Why is the stock market at a new high? […] You’re quoting big companies, but the big company index, the S&P, is at a new\u2026 pic.twitter.com\/eflkLxwMxE<\/a><\/p>\n \u2014 Eric Daugherty (@EricLDaugh) September 7, 2025<\/a><\/p><\/blockquote>\n Did he though?<\/p>\n\n
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