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US Treasury Secretary Scott Bessent has indirectly acknowledged that American importers and consumers are the ones paying for newly imposed tariffs, contrary to President Donald Trump's claims that foreign governments are paying the tariffs. Bessent admitted that the tariff is paid by the importer at the dock, who can pass the cost on to consumers or absorb it themselves. Trump had claimed that billions of dollars in tariffs are now flowing into the US, but Bessent's statement suggests that the burden ultimately falls on American consumers.

US Treasury Secretary Scott Bessent has indirectly acknowledged that American importers and consumers are bearing the brunt of newly imposed tariffs, contrary to President Donald Trump's claims that foreign governments are footing the bill. Bessent admitted that the tariffs are paid by the importer at the dock, who can pass the cost on to consumers or absorb it themselves [1]. Trump had previously claimed that billions of dollars in tariffs are now flowing into the US, but Bessent's statement suggests that the economic burden ultimately falls on American consumers.

Bessent's admission comes amidst a wave of tariffs imposed by the Trump administration on key US trading partners, including South Korea, Japan, Australia, and the EU. The secretary expressed confidence in the tariffs' ability to reinvigorate American manufacturing, citing corporate commitments from companies like Apple [2]. However, the economic impact of these tariffs remains a contentious issue, with critics arguing that they will ultimately raise prices for consumers and potentially harm the US economy.

In a separate development, the US has imposed tariffs on imports of gold bars, a move that has shaken bullion markets and could disrupt trade from key hubs like Switzerland [3]. The US and China face an Aug. 12 deadline to extend a pause on sky-high tariffs levied earlier this year, while Trump has ratcheted up trade tensions with India over its purchases of Russian oil [4].

As the tariff war continues to unfold, investors and financial professionals are closely monitoring the economic implications. The admission by Bessent underscores the need for a nuanced understanding of the tariff burden and its potential impact on consumers and businesses alike.

References:
[1] https://www.facebook.com/RollingStone/posts/treasury-secretary-scott-bessent-acknowledged-that-the-billions-in-tariffs-the-p/1121193303202068/
[2] https://www.theguardian.com/us-news/live/2025/aug/07/donald-trump-jd-vance-indiana-texas-tariffs-ukraine-russia-us-politics-live-news-updates?filterKeyEvents=false&page=with%3Ablock-689490868f080766d85bb086
[3] https://finance.yahoo.com/news/live/trump-tariffs-live-updates-trump-boasts-of-tariff-billions-vows-to-punish-china-for-russian-oil-200619891.html
[4] https://timesofindia.indiatimes.com/business/india-business/donald-trump-tariffs-india-news-live-updates-russia-oil-india-us-trade-deal-tariff-impact-pm-modi-china/liveblog/123178433.cms