Gregory Meeks Shows No Mercy To Scott Bessent Over Trump's Tariffs, Economy

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At today's House Financial Services Committee hearing, Rep. Gregory Meeks (D-NY) questioned Treasury Sec. Scott Bessent.

Transcript

00:00Mr. Bassett, let me, you know, I'm just a plain, simple man, the average everyday American

00:06is looking at this hearing today. So can you tell me, first, does trade deficits constitute

00:19a national emergency? The hollowing out of the U.S. manufacturing class—

00:27No, just yes or no? Yes or no? Yes or no, sir?

00:30It's a national emergency, sir.

00:31It does, it does. You're telling me trade deficits equals a national, or creates.

00:38Persistent and prolonged, yes, sir.

00:41And do you know also, sir, that for the last four decades, we've had trade deficits in the United

00:52States of America, and nobody said it was an emergency? Democratic and Republican presidents?

01:00You know what that says to me? That it's not an emergency, because it hasn't been for four decades.

01:08It says to me that we should bring tariffs back to the United States Congress,

01:16Congress, so that we can make that determination, as the Constitution has said, and not try to go

01:22around Congress. That's just unbelievable to me. Let me ask this question. Maybe I'm—

01:31I missed it. Who was the president, and who has been the president since January 20th, 2025?

01:43Donald J. Trump. Okay. And who was the president in 2024?

01:53One believes President Biden.

01:54One believes? Are you one of those non-believers that the election, the American people didn't vote?

02:01Uh, I, uh, I am not.

02:05You're not? You said one believes?

02:11Do you believe in the Constitution of the United States?

02:13I believe in the Constitution of the United States.

02:16So you believe in it, without any second thought. You don't have to think about it. You believe in it.

02:24And you would abide by it. Is that correct?

02:26I have, and I do, sir.

02:28Okay. But do you know that a president has said he may or may not? He don't know?

02:35Let me ask this question. I can't—I couldn't believe my ears.

02:42Sunday, during NBC's Meet the Press,

02:46President Trump credited himself for the strong economy in 2024, when Joe Biden was president.

03:02But then he blamed President Biden for a weak economy in 2025, when he was president.

03:12Now, I'm not so sure how the American people puts that together.

03:17In 2024, strong economy, he tried to take the credit. In 2025, when he's the president,

03:25he blames Joe Biden.

03:26That doesn't make sense to me. I don't think it makes sense to most Americans. And I hope,

03:34Mr. Secretary, you're a businessman. It doesn't make sense to you either.

03:39It can't possibly make sense to you. Let me ask this question. If a government—

03:50say, look, Argentina—I remember when I came here, and Argentina kept failing to pay its debt,

03:56not once or twice or three times. And we were all upset about it, and we said that they needed a

04:06host—somebody needed to take over their government. You know, somebody should help the president of

04:15Argentina. If the United States didn't pay his debt or something, we'd be very upset about that,

04:23and we couldn't pay our debt. I mean, that's one of our focuses. Is that not correct?

04:26Sir, the United States will always meet its debt obligations.

04:30Always. Well, let me ask you this.

04:36Donald Trump,

04:39the dealmaker—and you didn't answer Ms. Velasquez's questions—no deals,

04:43although he said three weeks ago that there would be deals—but Donald Trump,

04:46not once, not twice, not three times, not four times, not five times, but six times—failed to pay

04:58his debts and his business and went bankrupt. And you're going to call that a good businessman?

05:03The gentleman's time has expired. The gentleman's time has expired. The gentleman woman from Missouri,

05:11Ms. Wagner, the chair of our subcommittee on capital markets, is recognized for five minutes.

05:16I thank you, Mr. Chairman, and I will try to keep my—

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