Washington, June 5: U.S. Treasury Secretary Scott Besant defended the Trump administration’s economic policies on Thursday. Amid rising fuel and consumer goods prices, he told lawmakers that the inflation caused by the Iran-related conflict is temporary, and prices will decrease once the situation stabilizes.
This issue was repeatedly raised during a lengthy and often contentious hearing of the House Ways and Means Committee. Democratic lawmakers accused the Iran conflict of driving up fuel, household expenses, and inflation, placing additional economic burdens on American families.
Besant acknowledged the conflict’s impact on energy markets but asserted that the effects would not be permanent. He stated, “The Iran conflict has led to a short-term increase in prices, which will decline over time.”
Despite recent price hikes, the Treasury Secretary emphasized that the fundamental state of the U.S. economy remains strong. He cited job growth, private sector investment, and rising wages as indicators of economic strength.
However, Democratic representatives questioned this assertion. Richard Neal, the top Democratic member of the committee, pointed out that families are spending more on everyday necessities. He attributed rising prices to both tariffs and the Iran conflict.
Several Democratic lawmakers indicated that increasing fuel prices signal a deteriorating economic situation. Judy Chu noted that American citizens are still paying more for gasoline, groceries, and household items. Brendan Boyle mentioned growing public frustration regarding the management of the economy.
John Larson asked Besant if the conflict had caused fuel prices to rise. Besant confirmed, “Yes, prices increased due to the conflict.” However, he reiterated that this increase is temporary and that overall inflation remains under control.
He added, “Since President Trump took office, the core inflation rate has decreased by 0.5 percent.”
Besant also defended the administration’s broader policy regarding the Iran conflict. He stated that preventing Iran from acquiring nuclear weapons is a national security priority, and short-term economic disruptions can be tolerated.
During discussions with lawmakers, he warned that if Iran were allowed to develop nuclear weapons or threaten global energy supplies, American citizens would face far more severe consequences.
The Treasury Secretary noted that energy markets have already begun to adapt to the new circumstances. He remarked, “Crude oil prices have fallen by over 20 percent, and gasoline prices generally follow crude oil trends.”
This hearing clearly indicates that the economic impact of the Iran conflict has become a significant political issue in Washington. Republican leaders support the administration’s policy, prioritizing national security, while Democratic leaders argue that the economic cost is being borne by ordinary American citizens in the form of higher inflation and slower economic growth.
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