Secretary Scott Bessent -vs- NBC Kirsten Welker – Video and Transcript
[Transcript] – KRISTEN WELKER: And joining me now is treasury secretary Scott Bessent. Secretary Bessent, welcome back to Meet the Press.
SEC. SCOTT BESSENT: Kristen, good morning.
KRISTEN WELKER: Good morning. Good to have you back. I want to start with the latest of what we’re hearing from President Trump. Let me read you what he posted overnight. He says, “If Iran doesn’t fully open, without threat, the Strait of Hormuz within 48 hours from this exact point in time, the United States of America will hit and obliterate their various power plants, starting with the biggest one first.” Has the president changed his mind about winding down the war, as he said a day earlier, and instead plans to escalate?
SEC. SCOTT BESSENT: I think he said he could wind the war down at any time he wants. And, Kristen, this is the only language the Iranians understand.
KRISTEN WELKER: But this seems to be an escalation, a threat of escalation, and it seems to run counter to his statement that he, in fact, wants to wind down the war.
SEC. SCOTT BESSENT: Again, Kristen, the president’s been very clear from the beginning that the goals are: destroy the Iranian air force and the navy, to completely demolish their missile capabilities, demolish their ability to replenish those capabilities, make sure the Iranians cannot have a nuclear weapon and stop their ability to project power internationally. And the president will take whatever steps it takes to achieve those goals.
KRISTEN WELKER:
Well, you know, I was on the phone with President Trump a week ago. He told me allies were on the way to help secure the Strait of Hormuz. Has the Trump administration abandoned that strategy and now chosen to go it alone?
SEC. SCOTT BESSENT:
Again, what we have done there has been a campaign to -using military assets to soften up the Iranian fortifications along the strait. That’s going to continue until they are completely demolished. And, Kristen, let me tell you, whether it’s this network or the mainstream press, the American people do not have good framing what is going on here. If you were to read what is happening, and I’m sure when Senator Murphy is on, you know, he has come out and said we are losing the war. That is wrong. We have demolished the Iranian capabilities. Their air force is completely destroyed, navy destroyed. And every day we are taking out their missiles, their missile systems, and the factories that build those missiles. And now our- General Caine, Secretary Hegseth, are leading a campaign to destroy all the fortifications along the straits of Hormuz.
KRISTEN WELKER:
Just to put a fine point on this though, is the president in the process of winding down this war or escalating the conflict?
SEC. SCOTT BESSENT:
Again, they are not mutually exclusive. Sometimes you have to escalate to de-escalate, Kristen.
KRISTEN WELKER:
Okay. NBC News is reporting that President Trump is considering sending troops into Iran. Will the administration use troops to secure the Strait of Hormuz or for any other reason, Mr. Secretary?
SEC. SCOTT BESSENT:
Again, as President Trump said during the press break yesterday when he was going out to Marine One, he’s not going to give away what we’re going to do. As President Trump always does, he’s leaving all options on, on the table. We had a very successful bombing campaign against the military installations, Kharg Island, the nexus for all the Iranian oil supply. You know, what could happen with Kharg Island? We’ll see. And again, just to be clear, the command and control system of the Iranian regime is in chaos. This is Hitler’s bunker. Hitler’s dead. Himmler’s dead. Göring is dead. The-most of what you’re seeing are lone wolf activities. The mid-range ICBM that was shot off, these two missiles yesterday, that’s out of desperation, Kristen.
KRISTEN WELKER:
You bring up Kharg Island. I want to ask you about your statement. You said it could become a U.S. asset. What exactly does that mean? Could U.S. troops go into Kharg Island to secure it?
SEC. SCOTT BESSENT:
Again, as I said, all options are on the table.
KRISTEN WELKER:
Okay. So, that’s a possibility.
SEC. SCOTT BESSENT:
All options are on the table.
KRISTEN WELKER:
All right. Let me talk about your announcement this past week. On Friday, the Treasury Department lifted sanctions on Iranian oil stored on tankers, a move that would effectively allow Iran to get more than $14 billion of oil revenue.
SEC. SCOTT BESSENT: I, I –
KRISTEN WELKER: Hold on. Why is the U.S. helping to fund a country that it’s currently at war with, Mr. Secretary–
SEC. SCOTT BESSENT:
Again, Kristen, why don’t we have good facts here? That Iranian oil was always going to be sold to the Chinese. It was going to be sold at a discount. So, which, which is better, Kristen? The uh, which is better? If oil prices spike to $150 and they were getting 70% of that? Or oil prices below $100? It’s better to have them where they are now. And to be clear, we had always planned for this contingency. About 140 million barrels are out on the water. In essence, we are Jiu-Jitsuing the Iranians. We are using their own oil against them. We have a much better line of sight, to be clear, at Treasury, when this oil goes to — if it goes to Indonesia, if it goes to Japan, if it goes to Korea, we have a much better line of sight and are able to block accounts that the oil goes into. When it goes into China it completely gets recycled. So, to be clear, that 14 billion number is grossly overstated.
KRISTEN WELKER:
Let me unpack what you’re just saying. First of all, how much is it? And second of all, I don’t hear you disputing that Iran will get some of the money.
SEC. SCOTT BESSENT:
Iran alway–already gets a huge amount of the money because Iran is the largest sponsor of state terrorism and China has been funding them.
KRISTEN WELKER:
So was always part of the plan to un-sanction Iranian oil?
SEC. SCOTT BESSENT:
Again, we unsanctioned the –at Treasury we plan for all contingencies. We have break-the-glass plans. And to be able — this water — this oil is floating out in Asia, and it is mostly our Asian allies — the U.S. gets virtually no oil from the Gulf. We are energy sufficient. So, when we un-sanction this, rather than the oil going to China, it can go to Japan. It can go to Korea. It can go to Indonesia. It can go to Malaysia –
KRISTEN WELKER:
And it can go to Iran too. I mean, isn’t the point that the sanctions were in place to prevent Iran from getting any of the money. They will have access to some of the –
SEC. SCOTT BESSENT:
No, again–
KRISTEN WELKER:
– money now –
SEC. SCOTT BESSENT:
– Kristen, you’re missing the point. So, please listen to me. They were getting it from China anyway.
KRISTEN WELKER:
Alright. Let me talk about the real-world impact of this because you’re talking about 140 million barrels of Iranian oil, and that’s just a little bit more than what the world uses in one day. How much can that really change prices here at home –
SEC. SCOTT BESSENT:
Again, Kristen, terrible framing, terrible framing –
KRISTEN WELKER:
Well, how much can it change –
SEC. SCOTT BESSENT:
No, no, no —
KRISTEN WELKER:
– prices here at home?
SEC. SCOTT BESSENT:
Just — just –
KRISTEN WELKER:
Talk to consumers. How much will it change prices here at home?
SEC. SCOTT BESSENT:
Let me explain. 140 million barrels — about 20 million barrels a day — comes out of the Gulf. About five million has been the uh, repurposed by the Saudis, by the UAE. So, we’re at a 15 deficit. About 1.5 is Iranian oil that comes out. So, we are at between a 10 and 14 million deficit on a daily basis. So, the- if you think about 140 million barrels, that’s between 10 days and two weeks of supply. And one of the reasons, one of the reasons that prices in the U.S. of West Texas crude are below $100 — and we have not seen this massive spike as we did during the beginning of Russia/Ukraine — is because we are well supplied in the market, whether it is the Russian oil, whether it is the Iranian oil, or it is the largest the SPR release in history done by a coalition of 32 countries, 400 million barrels.
KRISTEN WELKER:
Alright. Let’s talk about the Russian oil, which you just raised. The administration did ease oil sanctions on Russia earlier this month. You had initially defended imposing those sanctions, calling Russian exports, quote, “Oil that funds the Russian war machine.” If the point of the sanctions was to stop funding the Russian war machine, why is the administration effectively rewarding Russia now?
SEC. SCOTT BESSENT:
Again, Kristen, you’re missing the point. Which, which is better? Does Russia get more money if oil goes to $150 and they get 70% of that — that’s $105 — or if oil stays below $100, so they’re getting less money? Our analysis shows-our analysis shows that the maximum extra amount that Russia could get would be $2 billion, which is which is one day of the Russian Federation’s budget.
KRISTEN WELKER:
Understood. But they wouldn’t have gotten any of –
SEC. SCOTT BESSENT:
No, no, no–
KRISTEN WELKER:
– that with the sanctions in place –
SEC. SCOTT BESSENT:
Kristen. Kristen, I don’t know, whoever’s –
KRISTEN WELKER:
But would they have gotten –
SEC. SCOTT BESSENT:
No, no, no –
KRISTEN WELKER:
– any of that in place –
SEC. SCOTT BESSENT:
Kristen, whoever does your research, you should get rid of because they were getting it. It was going into China. China was buying over 90% of the Russian oil, and it was –
KRISTEN WELKER:
–But what’s the point of sanctions if not to punish Russia, if not to punish countries?
SEC. SCOTT BESSENT:
Again, the uh, it–we had no ability to do that to China — if China wants to be a bad actor. But we were substantially able to degrade their exports. Their exports have dropped about 25% when the rest of the world isn’t buying it. So, exports are down, but there was a lifeline into China. Now we’ve opened up that to everyone else.
KRISTEN WELKER:
Okay. Just to be clear though. You did defend imposing those sanctions in the first place. Let me ask –
SEC. SCOTT BESSENT:
Just to be clear, it is a maximum of $2 billion. So let’s have good framing on this.
KRISTEN WELKER:
Okay. Let’s talk about the overall cost of this war. The administration’s asking Congress — poised to an additional $200 billion in additional funding for this war. Some Republicans who could cast key votes on this are expressing hesitation or outright opposition. Take a listen to them and then I want to get your reaction on the other side.
[BEGIN TAPE]
FEMALE REPORTER:
Are there any initial red flags for you?
SEN. RICK SCOTT:
No — maybe, it’s a lot of money. I’ll go through it, see what they need.
REP. LAUREN BOEBERT:
I am a no. I’ve already told leadership I am a no on any war supplementals. I am so tired of spending money elsewhere.
[END TAPE]
KRISTEN WELKER:
Should President Trump have gone to Congress on the front end of this war if he was going to ask for Congress’s help now for more funding?
SEC. SCOTT BESSENT:
Again, President Trump was within his authorities under the War Powers Act to initiate this action. And we, we actually now we have plenty of money to fund this war. What we are doing is this is supplemental. President Trump has built up the military, as he did in his first term, as he is now doing in his second term, and he wants to make sure that the military is well-supplied going forward.
KRISTEN WELKER:
Would the administration ever raise taxes in order to fund this war?
SEC. SCOTT BESSENT:
Again, Kristen, terrible framing. I think that the –
KRISTEN WELKER:
Well, it’s just a que– it’s a simple question that I think a lot of people have –
SEC. SCOTT BESSENT:
It’s a ridiculous question.
KRISTEN WELKER:
Well, but –Can you answer it?
SEC. SCOTT BESSENT:
Why would we do that? That the, that we-we have plenty. We have a trillion dollars in this year’s budget for the military. And President Trump, even before the conflict started, had said that he would like to further build out the military.
KRISTEN WELKER:
So, just–is raising taxes under consideration at all –
SEC. SCOTT BESSENT:
Not —
KRISTEN WELKER:
– if you’re saying you have plenty of money?
SEC. SCOTT BESSENT:
Not at all.
KRISTEN WELKER:
Okay. Let’s turn to how all of this is impacting consumers. United Airlines CEO Scott Kirby is now planning, he says, to cut flights and is planning for oil to go as high as $175 a barrel with prices potentially staying above $100 a barrel through 2027. This is according to him. All of this could potentially mean higher prices for consumers. What do you say to Americans who feel they were promised lower costs and now they’re getting the opposite?
SEC. SCOTT BESSENT:
Uh, Kristen, I think the American people understand that any 50 — I’m not going to put a time on it but let’s just pick 50 days of temporary elevated prices, prices will come off on the other side, for 50 years of not having an Iranian regime with a nuclear weapon. The American people are beginning to understand, thanks to President Trump, that there is no prosperity without security.
KRISTEN WELKER:
I heard you say 50 days. Are you saying that prices could start to come down –
SEC. SCOTT BESSENT:
No, no, no, no –
KRISTEN WELKER:
What’s the time frame –
SEC. SCOTT BESSENT:
I was just picking a point. I don’t know whether it’s going to be 30 days. I don’t know whether it’s going to be 50 days. I don’t know whether it’s going to be 100 days. But to have 50 years the, uh, of peace in the Middle East and know that the Iranian regime is defanged because, Kristen, what we had before was the illusion of security. Imagine this regime if they had had another year or two years to build out their missile capabilities. They would’ve built a shield around themselves and it would’ve been impossible to prevent them from getting a nuclear weapon.
KRISTEN WELKER:
All right. I want to ask you on a different topic about a post by President Trump from yesterday responding to the death of former special counsel Robert Mueller. He posted this quote, “Robert Mueller just died. Good, I’m glad he’s dead. He can no longer hurt innocent people!” Do you think it’s appropriate for the president of the United States to celebrate the death of an American citizen, someone who’s a Bronze Star, Purple Heart recipient and who served in Vietnam?
SEC. SCOTT BESSENT:
Kristen, I was with the president in the green room at Davos and there was a video playing of the — what may have been an illegal raid on his home at Mar-a-Lago. They are going through his wife’s wardrobe. And I watched the look in his eye, and I think that neither one of us can understand what has been done to the president and to his family.
KRISTEN WELKER:
But to the question of the president’s post, I mean, Robert Mueller didn’t order that raid. Is it appropriate for the president to celebrate the death of any American citizen –
SEC. SCOTT BESSENT:
Again —
KRISTEN WELKER:
– Mr. Secretary –
SEC. SCOTT BESSENT:
I think that given what has been done to President Trump and his family it is impossible for either of us to understand what he has been through.
KRISTEN WELKER:
So, you don’t think that there’s anything wrong with the post, saying, “Good. Robert Mueller’s dead”
SEC. SCOTT BESSENT:
Again, I think that we should all have a little empathy for what has been done to him and his family.
KRISTEN WELKER:
All right. Treasury Secretary Scott Bessent, thank you as always for being here. Really appreciate it.
SEC. SCOTT BESSENT:
Thank you.
[END Transcript]
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