Treasury Secretary Bessent says Trump tariffs won't cause inflation to increase

Treasury Secretary Scott Bessent stated that President Trump’s proposed tariffs are unlikely to raise inflation, as China will absorb the costs. The tariffs, scheduled to take effect on Tuesday, include a 25% duty on imports from Mexico and Canada, and an additional 10% tariff on Chinese imports. China has vowed to retaliate against the U.S. tariffs, and Bessent mentioned that Mexico has proposed matching the U.S. tariffs on China to avoid being affected, urging Canada to do the same.

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