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Happening Now: Bessent Testifies On Treasury Oversight As Economic Turmoil Mounts
Posted
May 6, 2025
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3,056
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May 6, 2025
3,056
44
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1:11Now PlayingTreasury Secretary Scott Bessent will testify before a House Appropriations Committee panel on Tuesday morning, as economic uncertainty continues to grow following President Trump’s
Donald Trump
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latest tariff rollout.
Trump has largely changed his tune on the economy in recent days, suggesting now that Americans should buy less and will probably pay more and bear the brunt of an uncertain economic landscape. Asked earlier this month whether a recession was looming, the president said, “anything can happen.”
Bessent’s remarks come after the U.S. gross domestic product (GDP) dipped by 0.3 percent in the first quarter of 2025. The Treasury chief has largely defended Trump amid market shakeups and the trade war, calling the turmoil “economic rebalancing.”
The president paused a majority of reciprocal tariffs for 90 days, but a baseline 10 percent tariff still remains on nearly all foreign imports.
The hearing is scheduled to begin at 10 a.m. EDT.
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