Treasury Sec Scott Bessent to focus on affordability as economic issues remain top priority for voters

Treasury Secretary Scott Bessent is working to address growing concerns about affordability as economic issues continue to rank among voters’ top priorities heading into next year’s midterm elections.

The affordability debate comes as the Trump administration pushes ahead with its tariff strategy. Bessent has defended the administration’s approach, saying tariffs will restore domestic manufacturing rather than function as a tax on consumers who buy imported goods. But a recent Bank of America report countered that view, stating there is “no debate” that “tariffs have pushed consumer prices higher.”

Economists have also warned that expanding tariffs could risk triggering stagflation, a scenario in which elevated prices slow economic growth and further strain households already struggling with rising costs.

Bessent has continued to argue that tariffs will ease over time and that their impact will fade like “a shrinking ice cube” once US production expands and becomes capable of challenging foreign competitors. But new data released this week showed that consumer spending rose modestly in September after three months of strong gains, a sign that the economy may be starting to lose momentum.

Meanwhile, Bessent will be tasked with addressing the rising national debt, which experts argue has been partially driven by Trump’s tax cuts. His team is expected to face difficult choices, potentially relying on tariff revenue or carrying out deep spending cuts.

“Bessent’s ability to deliver tangible economic wins could determine the party’s fate, with the Republican Party holding wafer-thin majorities in Congress,” a report by the New York Post noted.

President Trump is scheduled to deliver a major economic speech in Pennsylvania on Tuesday to reassure Americans who are still feeling financial pressure. Until now, Trump has put the blame on former President Joe Biden for handing him an economy weakened by inflation and debt.

The Trump administration has also pushed for faster interest rate cuts from Federal Reserve chair Jerome Powell in order to spur more long-term growth. Powell’s term ends in May, and Kevin Hassett is viewed as the leading contender to replace Powell. Hassett has signaled he would support lowering rates in alignment with the White House’s economic goals.