NBC’s Welker Battles Trump Treasury Sec On Tariffs — Rattles Off List of Big Companies Who Say They’re Hurting

Kristen Welker, host of NBC News’s Meet The Press, confronted Treasury secretary Scott Bessent Sunday with a list of U.S. companies that are hurting due to President Donald Trump’s tariffs.

Welker began with a New York Times report on machinery manufacturing giant John Deere that claimed “higher tariffs have cost the company $300 million so far…this summer the company laid off 238 employees across factories in Illinois and Iowa. What do you say to companies like John Deere when say the tariffs are hurting them?”

Bessent immediately criticized the source.

“First of all, Kristen, if you’re quoting The New York Times, it’s not a fair observer,” Bessent said.

“But, these are statistics,” Welker pushed back. “This is about John Deere, not about The New York Times.”

Bessent continued to bash The Times, saying John Deere was just one company the outlet “cherry-picked.” He claimed that the Treasury Department was hearing “overwhelmingly” from companies “who are telling us the tariffs have helped our business.”

“But, Mr. Secretary, it’s not just John Deere,” Welker said. “Nike says the tariffs will cost the company around $1 billion this year. Black & Decker says $800 million. The Big Three automakers all say they’ve had to pay more than $2 billion in tariffs, the list goes on and on. Do you acknowledge that these tariffs amount to a tax on the American people?”

BESSENT: First of all, let’s back up because…the Japanese automakers have said they’re eating the tariffs.

WELKER: But these companies say they’re eating the tariffs. These American companies.

BESSENT: They’re eating the tariffs, and again, there are numerous companies who are doing the opposite. You’re taking these from earnings calls and on earnings calls they have to give the draconian scenario. There are companies coming out and saying, “Oh, because of the tariffs we’re doing this,” but I can tell you, whether it’s Micron or Apple, they are upping their investments in the United States. And Kristen, if things are so bad, why was the GDP 3.3%? why is the stock market at a new high? Because with President Trump we care both about big companies and small companies, and you’re quoting big companies, but the big company index, the S&P, is at a new high.

Welker concluded with, “Bottom line, Mr. Secretary, do you acknowledge that these tariffs are a tax on American consumers?”

“No, I don’t,” Bessent replied.

Watch the clip above via NBC News.