CNBC Excerpts: U.S. Treasury Secretary Scott Bessent Speaks with CNBC's 'Money Movers' Today
WHERE: CNBC's "Money Movers"
Following are excerpts from the unofficial transcript of a CNBC interview with U.S. Treasury Secretary Scott Bessent on CNBC's "Money Movers" (M-F, 11AM-12PM ET) today, Friday, July 3. Following are links to video on CNBC.com: https://www.cnbc.com/video/2025/07/03/watch-cnbcs-full-interview-with-u-s-treasury-secretary-scott-bessent.html and https://www.cnbc.com/video/2025/07/03/treasury-secretary-scott-bessent-i-expect-well-get-a-bill-vote-around-130pm-today.html.
All references must be sourced to CNBC.
BESSENT ON POTENTIAL OF BILL PASSING
SCOTT BESSENT: It's going to, going to pass. And my expectation is that we'll get a vote around 1:30 today.
BESSENT ON TARIFFS
BESSENT: What we've seen so far is that tariff, tariffs haven't hurt. The dog that didn't bark was that tariffs were going to hurt the economy, were going to hurt the markets. Market had the fastest recovery ever, ever from the low in April, from a 15% decline. And we're at new highs in the market.
BESSENT ON VIETNAM TRADE
BESSENT: I haven't spoken to Jamison Greer who's heading the team. My understanding is that it's finalized in principle.
BESSENT: We've seen that a huge amount of the trade that comes from Vietnam is what's called transshipment from China. So we'll see what happens with the, with the transshipment and the businesses have already adjusted to a 10% tariff. So we'll see what happens with the additional ten.
BESSENT ON NO INFLATION FROM TARIFFS
BESSENT: Thus far, we haven't seen any inflation from tariffs. And again, I would say that tariffs are not inflationary. You could get a one-time price bump. But in terms of a generalized economic inflation, I don't think that tariffs cause that.
BESSENT ON TRADE TALKS
BESSENT: We are. Of course, everyone waits till the last minute. They think that they can get the best deal. And as I've warned, when I've done other media, these countries should be careful because their rate could boomerang back to their April 2nd rate.
BESSENT ON ELON MUSK
BESSENT: I have great respect for Elon on rockets. I will leave that to him. He can leave the finances to me.
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