Escalating trade tensions under President Donald Trump have dominated headlines, with critics warning that American consumers will bear the burden of higher prices.
But Treasury Secretary Scott Bessent argues that affordability isn't just about cheap imports — it’s about ensuring Americans can build real financial security.
“Access to cheap goods is not the essence of the American dream,” Bessent said during a speech at the Economic Club of New York on March 6. “The American Dream is rooted in the concept that any citizen can achieve prosperity, upward mobility, and economic security.”
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His remarks come at a time when many Americans continue to grapple with high costs of living amid Trump’s threats to impose further tariffs, which experts believe will drive up prices in the short term.
Bessent was later pressed on the issue during an appearance on NBC’s Meet the Press.
“Are you saying that the Trump administration is comfortable to have consumers pay more for goods in America?” host Kristen Welker asked.
“Not at all,” Bessent replied. “What I’m saying is the American dream is not ‘let them eat flat screens.’ If American families aren't able to afford a home, don't believe that their children will do better than they are [doing], the American dream is not contingent on cheap baubles from China, it is more than that. And we are focused on affordability, but it's mortgages, it's cars, it's real wage gains.”
Housing affordability remains a pressing issue
Bessent’s remarks highlight one of the most pressing financial issues for Americans today: the soaring cost of homeownership.
Over the last decade, U.S. home prices have surged, with the S&P CoreLogic Case-Shiller U.S. National Home Price Index nearly doubling. Federal Reserve Chair Jerome Powell has acknowledged the severity of the problem, pointing to supply constraints as a key driver.
“The real issue with housing is that we have had, and are on track to continue to have, not enough housing,” Powell said at a press conference in September. He explained that “all aspects of housing” face challenges, including the zoning of land in desirable locations.