The next is the transcript of the interview with Treasury Secretary Scott Bessent that aired on “Face the Country with Margaret Brennan” on Dec. 7, 2025.
MARGARET BRENNAN: Just right morning and welcome to ‘Face The Country.’ We have now numerous information to get to, and we commence with the Secretary of the Treasury, Scott Bessent. Just right to have you ever right here.
TREASURY SECRETARY SCOTT BESSENT: Morning, Margaret.
SEC. BESSENT: Mr. Secretary, numerous persons are in the market vacation buying groceries. Here’s how the President described again in April, what to anticipate from this season.
[SOT]
PRESIDENT DONALD TRUMP: Possibly the kids may have two dolls as an alternative of 30 dolls, you realize. And perhaps the 2 dolls will price a few greenbacks greater than they might generally.
[END SOT]
MARGARET BRENNAN: Used to be the President’s prediction then, proper?
SEC. BESSENT: Margaret, it is in fact been an overly robust vacation season, and the- you realize, we have noticed throughout all of the source of revenue cohorts to this point. And so there is not anything to mention that there are two dolls as an alternative of 30 dolls.
MARGARET BRENNAN: The President was once unsuitable to expect decrease numbers of purchases and better costs?
SEC. BESSENT: The economic system has been higher than we concept. Now we have had the 4- 4% GDP enlargement in a few quarters. We are going to end the 12 months, in spite of the Schumer shutdown, with 3% actual GDP enlargement.
MARGARET BRENNAN: Neatly, the maker of Tonka Vans, their CEO, mentioned it’ll price 40 greenbacks for his or her toys presently on account of price lists and inflation, it was once 30 greenbacks the 12 months prior to that, 25. Costs within the toy area are accelerating, and persons are feeling that.
SEC. BESSENT: Neatly, Margaret inflation is a composite quantity, and it is kind of the similar 12 months over 12 months. And if we have been to take a look at all imported items, imported items inflation is underneath the inflation quantity.
MARGARET BRENNAN: The inflation quantity, you imply the–
SEC. BESSENT: The PC- the PCE quantity which is set 2.9%. Imported items inflation is set 1.8. It is the carrier economic system that is producing inflation, which in fact has not anything to do with price lists.
MARGARET BRENNAN: But if we pay attention from for instance, the President, when he says that affordability is a con task by way of Democrats, that turns out to simply no longer be resonating with shoppers which have been polled by way of CBS. 60% of American citizens polled by way of this community instructed us President Trump makes costs and inflation sound higher than they actually are, and his approval ranking within the economic system is now right down to 36% in our newest ballot. On inflation, approval is even decrease, 32%. Do not you want to turn that you’re feeling the ache?
SEC. BESSENT: Neatly, Margaret, I feel the President’s annoyed by way of the media protection of what is going on–
MARGARET BRENNAN: That is the polling of moderate American citizens.
SEC. BESSENT: –No, no- yeah, however I feel the typical American citizens, they’re listening to so much from media protection. And I can let you know that affordability has two elements, there’s inflation, after which there’s actual earning. Actual earning are up about 1% and what we aren’t going to do is say that American citizens have no idea what they are feeling. Now we have been running on it on a daily basis. I used to be to your display on March speaking about affordability. The- we have made numerous positive factors, however keep in mind, we have were given this embedded inflation from the Biden years, the place mainstream media, whether or not it is Greg Ip on the Wall Side road Magazine, poisonous Paul Krugman at New York Instances or former Vice Chair, Alan Blinder, all mentioned it was once a vibecession. The American other people do not understand how just right they’ve it. Now, Democrats created shortage, whether or not it was once in power or over legislation, that we at the moment are seeing the- this. affordability drawback, and I feel subsequent 12 months we are going to transfer directly to prosperity.
MARGARET BRENNAN: You do suppose there’s an affordability drawback?
SEC. BESSENT: Sorry?
MARGARET BRENNAN: You do consider there is an affordability drawback?
SEC. BESSENT: Oh, I feel the Biden management created a terr–
MARGARET BRENNAN: No, however now we are just about twelve months in, you mentioned the President would personal the economic system at this level.
SEC. BESSENT: I mentioned that the Biden management created the worst inflation in 50 years, and perhaps for running American citizens, the worst inflation of all time. And now we have pulled that quantity down- that Strategas analysis does one thing known as the typical guy index. Below Biden, the accrued inflation quantity, as measured by way of CPI, was once about 20%. Their index confirmed 35. This 12 months for the primary time, the typical guy index is underneath the inflation index since the basket of products for running American citizens, meals, gas, hire is coming down. So I wrote an essay March 12, 2024, and it talked concerning the 3 I’s, immigration, rates of interest and inflation. Immigrant- mass, unfettered immigration, depressed wages brought about housing costs to head up. President has closed the border this is mounted. Rates of interest have come down. The bond marketplace simply had the most productive 12 months since 2020 and now we’re running on inflation, and I be expecting inflation to roll down strongly subsequent 12 months.
MARGARET BRENNAN: Neatly, I imply, grocery costs are up just about 3% in comparison to ultimate September. The President appears to be acknowledging that grocery costs, or a minimum of red meat costs, are a problem, as a result of he put out this order simply the day gone by announcing they will examine company worth gouging for top red meat costs. Is not suing the meals corporations the similar factor the Biden management did, and it did not actually paintings? How is that this any other?
SEC. BESSENT: Neatly, nothing- not anything the Biden management did worked–
MARGARET BRENNAN: So why are you doing it?
SEC. BESSENT: As a result of this is not the similar factor. In the event that they- if that they had carried out this, if they might carried out it correctly, we might be in a unique spot. And prefer, red meat is one element. Thanksgiving Turkey was once down 16%.
MARGARET BRENNAN: Neatly, I do know you might be running at the business entrance, and for American farmers and the costs that they’re experiencing, that they are feeling a pinch about no longer having a marketplace to promote into, essentially.
SEC. BESSENT: No longer- no longer anymore.
MARGARET BRENNAN: Neatly, the rural Secretary simply mentioned that the President goes to announce a bridge cost for farmers this week to provide them quick time period aid if you are running on these- finalizing those business applications. There are those low crop costs, and the soybeans specifically, I do know you spoke with China’s Vice Premier Friday. Are they going to hurry buying up?
SEC. BESSENT: Neatly, they are no longer going to hurry buying up. They are within the cadence that we agreed to. Soybean costs are up about 12 or 15% for the reason that settlement with the Chinese language. They will purchase 12.5 million metric heaps. However Margaret, I am concerned within the agricultural business. I run a soybean farm, and I will be able to inform you–
MARGARET BRENNAN: You personal one, you spend money on it.
SE. BESSENT: Sorry?
MARGARET BRENNAN: You personal or make investments in–
SEC. BESSENT: –Other folks in my circle of relatives cross out and paintings on it. I in fact simply divested it this week as a part of the- my ethics settlement, so I am out of that trade. However I almost definitely know extra about any Treasury Secretary than- about agriculture for the reason that 1800s and I will be able to let you know that what farmers want is walk in the park, and now we have put that during position with this business deal. 12 and a part million metric heaps this 12 months, 25 million metric heaps for the following 3 years, for soybeans, additionally sorghum, the- and lumber.
MARGARET BRENNAN: So the ones purchases, simply to elucidate, the ones might be this 12 months, as a result of I heard you assert this previous week that probably the most purchases would not happen till February.
SEC. BESSENT: Neatly, for the- for the season, so the crop 12 months.
MARGARET BRENNAN: The season 12 months?
SEC. BESSENT: Yep.
MARGARET BRENNAN: Ok. However why- if the whole lot’s effective, then why do farmers desire a bridge cost from the Agricultural Division?
SEC. BESSENT: Sorry?
MARGARET BRENNAN: Why would farmers desire a bridge cost from the Agriculture Division, then?
SEC. BESSENT: As a result of those costs have not are available, since the Chinese language in fact used our soybean farmers as pawns within the business negotiations. And we’re going to create this bridge as a result of, once more, agriculture is all concerning the long term. You have to get started financing for making plans subsequent 12 months when issues might be excellent.
MARGARET BRENNAN: I wish to ask you about one thing that was once introduced this previous week, the Trump accounts, and construction in this idea so folks, as I perceive, are going as a way to open those accounts by way of the Treasury for his or her children, their tax deferred funding automobiles to U.S. citizen kids below 18, get $1,000 from the govt. for young children born between 2025 and 2028. So there are going to be restrictions on what the cash can be utilized for school tuition or their first space, is that proper?
SEC. BESSENT: No, it is- the government for youngsters born within the duration you simply described, goes to position $1,000 into those Trump accounts, it’ll be invested in a extensively assorted, low price index, after which it’ll be available–
MARGARET BRENNAN: Within the inventory marketplace, in an change traded fund or mutual fund.
SEC. SCOTT BESSENT: So in essence, this can be a consider fund. This can be a piece of the American economic system for each and every kid, and they are going to be capable to take it out when they are 18, or they may be able to convert it to a extra IRA-type program and stay it for his or her retirement.
MARGARET BRENNAN: So there would possibly not be the limitations I discussed there about how they use the cash?
SEC. BESSENT: No.
MARGARET BRENNAN: Ok, so there was once additionally a broadening of this- this previous week, with the Dell Basis making a vital funding within the American kids. So how is that this going to paintings? Why construction it this manner, as an alternative of a financial savings account, for instance?
SEC. SCOTT BESSENT: Neatly, a financial savings account simply will get hobby. That is the compounding energy of the inventory marketplace. As Warren Buffett says, don’t- do not guess in opposition to the American inventory marketplace, do not guess in opposition to the economic system. And that is going to deliver an entire team of latest buyers into the marketplace. We are going to couple it with a large quantity of monetary literacy, in order that kids perceive what they personal. The unbelievable present by way of Michael and Susan Dell might be the- is a program that philanthropists’ foundations can do to best up those accounts. And we expect, we are already at- Treasury is already in discussions with foundations, with main philanthropists to best up those accounts. It will both be for all kids, or you’ll specify it by way of zip code, a college district, or you’ll do what the Dells did, and say that it’ll be- would possibly not practice to the zip codes of the highest 20% of earners.
MARGARET BRENNAN: And additional info goes to be popping out on find out how to use this and get entry to it?
SEC. SCOTT BESSENT: Sure, within the coming weeks, we will do this, after which the reputable kickoff might be July 5.
MARGARET BRENNAN: Sooner than I assist you to cross, I wish to ask you about this huge fraud out in Minnesota, and the state welfare program has been below federal investigation since all of the long ago in 2022. The President instructed you, even though, this week, to seem into Somalis who, quote, ripped off that state for billions of bucks. He mentioned they give a contribution not anything. What precisely are you investigating?
SEC. SCOTT BESSENT: Neatly, Margaret, to be transparent, the preliminary fraud that was once came upon by way of the IRS for which I am the Appearing Commissioner- is came upon by way of IRS Prison Investigations Unit. This was once no longer an endogenous factor that the state of Minnesota made up our minds. We needed to cross in and blank up the mess for them, and this is a part of the continuing cleanup. Some huge cash has been transferred the- from the people who dedicated this fraud, together with those that donated to the government- Governor, donated to Consultant Omar and donated to AG Ellison, however they have got been transferred to one thing known as MBs–
MARGARET BRENNAN: Loan sponsored securities, what–?
SEC. BESSENT: Sorry?
MARGARET BRENNAN: Transferred to what?
SEC. BESSENT: Those are money- the- bureau services and products, and they’re twine switch organizations which might be outdoor the regulated banking gadget, and that cash has long gone out of the country, and we’re monitoring that- the- each to the Center East and Somalia to peer what the makes use of of which have been.
MARGARET BRENNAN: Ok, however you don’t have any proof of that cash getting used to gas terrorism, which is what some conservative writers are alleging?
SEC. SCOTT BESSENT: That is why it is an investigation. We began it ultimate week. We will see the place it is going. However I will be able to let you know that, you realize, it is horrible. You recognize, Consultant Omar attempted to downplay it. Stated, oh, it was once very- the- it was once very difficult to understand how this cash should- must be used. She was once gaslighting the American other people.
MARGARET BRENNAN: Neatly, we will communicate to her.
SEC. BESSENT: Yeah. However, you realize, while you come to this nation, you were given to be informed which facet of the street to power on. You were given to discover ways to prevent at prevent indicators, and you were given to be informed the- to not defraud the American other people.
MARGARET BRENNAN: Neatly, there are lots of- a lot of prison conduct from communities way past the immigrant group, however we will speak about this with Consultant Omar in a while. Thanks, Mr. Secretary.
SEC. BESSENT: Just right.
MARGARET BRENNAN: We will be again in a minute. Stick with us.
