Americans are still waiting for the promised lower cost of living. Bessent gives the deadline

Americans will begin to experience lower costs of living next year, announced US Finance Minister Scott Bessent. He also emphasized that the payment to citizens of the “dividend” announced by the president from customs revenues would require the consent of Congress.

In a Sunday interview with Fox News, the minister explained that Donald Trump's administration inherited “terrible inflation” from its predecessors. – We are leveling it out and I hope we will be able to lower it. Energy prices are lower, interest rates are lower. What will increase the purchasing power of Americans is (economic) growth, he emphasized.

He announced that in 2026, working Americans will see an increase in their real incomes, and the economy will accelerate in the first and second quarters of next year.

A week ago, Trump announced that each taxpayer would receive at least PLN 2,000. dollars “dividend” from customs revenues. Bessent emphasized that Congress will need to adopt appropriate legislation to implement this announcement.

The minister also referred to the regulation signed by Trump on Friday, which lifts the tariffs imposed earlier this year on certain food products. Coffee and tea, tropical fruits, fruit juices, cocoa, spices, bananas, oranges, tomatoes and beef are exempt from customs duties. The order said the president decided to modify the tariffs after taking into account “current domestic demand for specific goods and current domestic capacity to produce certain products.” Trump thus partially withdrew the tariffs announced earlier this year on almost all countries.

Bessent said the tariff withdrawal is the result of trade agreements concluded last week with Central and South American countries. He noted that this would affect product prices in the US.

He also expressed hope that before Thanksgiving, i.e. before November 27, the USA and China will sign an agreement on rare earth metals. Last month, a framework agreement was announced under which Washington agreed not to impose 100 percent tariffs on Chinese imports, and China would refrain from introducing licenses for the export of rare earth elements.

According to an October NBC News poll, 63 percent voters believe that Trump has failed to deliver on his promises on the economy and cost of living. The issue of commodity prices played an important role in the recent elections for governors of Virginia and New Jersey and mayor of New York, which were won by Democratic candidates.

From Washington Natalia Dziurdzińska (PAP)

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