In a recent congressional hearing, Treasury Secretary Scott Bessent testified about the state of the international financial system amidst ongoing trade wars. As he faced scrutiny from Democrats, he struggled to answer who ultimately bears the cost of tariffs. Bessent engaged in a heated exchange with lawmakers, including Rep. Maxine Waters, who amusedly recalled their past party in the Bahamas, yet she challenged his defense of Trump administration tariffs. The hearing highlighted tensions within Congress regarding trade policies, with Democrats pressing Bessent on issues related to tax cuts, tariffs, and the broader implications for American citizens. Meanwhile, Federal Reserve chair Jerome Powell provided insights on the economic landscape as uncertainty surrounding tariffs persists.