JUST IN: Scott Bessent And Judy Chu Clash Over Price Increases Under Trump Since Iran War Began

[0:00] President Besson, since President Trump launched his illegal war in Iran, you've [0:05] repeatedly assured Americans that higher prices would be temporary. In March, you [0:10] said Americans should expect only 50 days of temporary elevated prices. [0:16] Secretary Besson, it's been almost 100 days and inflation is at a three-year [0:21] high with no indication of going down. In May, you said help is on the way when it [0:29] comes to skyrocketing gas prices. A month later, Americans are still searching for [0:35] the relief you promised as they pay more than double at the pump than what they [0:39] paid before the war started. Later that month, you described rising inflation as [0:44] a very limited spike. In reality, for the first time in three years, inflation is [0:50] outpacing Americans' wages and Americans' saving rate has dropped by half since last [0:56] year. And just yesterday, before the Senate Finance Committee, you again [1:01] characterized inflation as a short-term blip. Recently, President Trump proudly [1:08] claimed that he doesn't think about Americans' financial situation when it [1:13] comes to the war with Iran. So I want to ask you, Secretary Besson, do you agree with [1:19] President Trump that you also do not care about Americans' financial situations? [1:24] Congresswoman, who was the president during World War I? Can you, are you refusing to answer my question? [1:34] No, I'm asking, who was the president during World War I? I don't know, but clearly you are not answering my question. [1:41] So you don't know who the president during World War I was. But let me tell you. [1:43] So I'm clearly getting the idea that you do not want to answer, whether you agree with President Trump, [1:48] that you do not care about Americans' financial situations. President Trump does care about Americans' financial situations. [1:53] Well, he actually said that he doesn't. No, that is a truncated thing, like everything is, that he is future-proofing because I can tell you, [2:03] Americans' financial situations would be devastated if Iran got a nuclear weapon and there was a permanent shutdown of the flow of energy out of the Middle East. [2:16] Well, then let me ask you, was your prediction— And I promise you that President Woodrow Wilson, who was president during World War I, that the Germans did not attack us, that he got into that— [2:31] Well, you're not answering the question, so let me ask this. [2:33] And I guarantee you, President Woodrow Wilson thought the same Congresswoman— [2:33] Was your prediction that Americans would face only 50 days of temporary elevated prices wrong? [2:40] You said that Americans would face only 50 days of temporary elevated prices. Was that wrong? Since actually, of course, we're at 100 days now. [2:49] How much of gasoline prices come down from the peak? Seven percent. Crude prices are down more than 20, and gasoline prices follow crude prices. [2:59] Well, then reclaiming my time— [3:00] Those are inconvenient facts. [3:02] Reclaiming my time, gas prices are up by 50 percent since Trump's war started, and up nearly 30 percent from last year. [3:10] Diesel and jet fuel prices have risen even faster because refining markets are strained. [3:16] Utility costs have soared due to higher natural gas and fuel input costs. [3:22] And that means commutes, homemade heating and electricity, airline tickets, and delivery fees are all more expensive. [3:31] And how about grocery prices? They jumped more in April than they did in nearly four years since when Biden was president. [3:40] Beef is up by 15 percent. Tomatoes are up by 40 percent. Bread and milk are up 8 percent, and 5 percent compared to three months ago. [3:50] And it's those lower-income households that are hardest hit by Trumpflation. [3:54] They're forced to cut back on spending— [3:56] I know it's an inconvenient— [3:57] Excuse me, it's my time, but— [3:58] I know it's an inconvenient fact, but— [3:59] I know that it'd be hard for a billionaire like you to imagine how these lower-income households would be hit by inflation. [4:06] In fact, Trump said he couldn't care less about higher car prices for Americans. [4:13] Do you agree with that statement? [4:14] I believe that food prices are up two point—food at home, 2.5 percent since President Trump took office. [4:21] I know that's an inconvenient fact for you. [4:23] You're from California. Maybe you care about avocado prices. Maybe you want them higher. [4:27] But they're down 19 percent. [4:28] Well, all you have to do is to go to the grocery store to see that beef is up by 15 percent. [4:33] I go to the grocery store, and all you have to do— [4:34] Tomatoes are up by 40 percent, and bread and milk are up by 8 percent. [4:40] You don't get to pick and choose. It is a basket, and the basket is up 2.5 percent. [4:44] During the Biden era, it was up 5 percent a year. [4:46] Well, you paint such a rosy picture, but I think Americans are not experiencing this rosy picture that you paint. [4:54] They are asking, are my wages keeping up with costs? [4:57] Can I afford the things that my family needs? And I'm afraid the answer is no. [5:01] I'm afraid you're incorrect, because we had real wage increases every month since President Trump took office, [5:07] except for the month of April. So I know the facts don't align with your narrative. [5:11] But please, you're entitled—you're entitled to your opinion— [5:14] Your narrative is not lining up with what Americans are experiencing right now. [5:17] You're not entitled—you're entitled to your opinion, not your own facts. [5:21] I yield back. [5:22] Mr. Hearn. [5:24] Mr. Secretary, it's good to see you. Thanks for being here. [5:27] Great to be here. [5:27] And I can see you're talking a lot about the facts. The facts are, is there in the four—