we leave you this oscar sunday, where else? in the hills of hollywood. i'm jane pauley. please join us when our trumpet sounds again next sunday mo morning. ♪ i'm margaret brennan in

washington, i'm margaret brennan in washington. this week on "face the nation," the latest on the fallout following friday's oval office brawl. and americans say they want more action from the trump administration when it comes to fighting inflation. >> you don't have the cards right now. with us, you start having cards. >> no clean cards. >> it was the debacle seen and heard around the world. as the meeting meant to solidify an alliance between the u.s. and ukraine melted down into a shouting match featuring president trump and vice president vance versus ukrainian president volodymyr zelenskyy. u.s. and ukrainian officials are now in full damage control mode, with european leaders racing to bring both sides back together and move towards a resolution to the war in ukraine. treasury secretary scott bessent crafted the agreement with ukraine that fell apart during that meeting. we'll talk to him about that, as well as the administration's plans to help the economy. we'll also talk with arizona democratic senator mark kelly and two republican members of

congress, ohio's mike turner and michigan's john james. and just before president trump's first formal address to congress, how do americans think he's doing when it comes to tackling their priorities. it's all just ahead on "face the nation." good morning and welcome to "face the nation." we'll get to the ramifications of that meeting in the oval office in a moment. but we want to begin with the issues that are top of mind for most americans, inflation and the economy. they may be at the top of their priority list for the new administration, but we are seeing a disconnect when asked what they think the administration is prioritizing, americans see inflation in the economy taking a backseat to the border, the federal workforce, tariffs, and more. in fact, according to our cbs news poll, although people do approve of him on some of those other issues, there is a 50-point gap between people who say the president should make inflation a priority and those

who say he is. we want to welcome to the program, treasury secretary scott bessent. good morning to you, mr. treasury secretary. >> good morning, margaret. >> so let's dig in on this. it seems there's a bit of a perception gap there. our polling also shows at least half the country reports concern about paying for food and groceries and housing. they continue to call the economy bad, even more so than last month. and 49% told us that the economy is getting worse. when can americans expect to experience the benefits that president trump said would be coming in, day one. >> you know, margaret, what i find interesting is for the past year and a half, and during the campaign, most of the media said, oh, the economy is great, it's just a vibe session. now that president trump's in office, there's an economic problem. and i'll tell you what the problem was -- >> we were pretty straightforward on this program. zpl >> i haven't seen this program, but in general, working class americans didn't know what they were talking about, they didn't know their lived experience,

they didn't know what their pocketbooks were feeling. and i'll tell you, president trump was elected, one of the reasons was the affordability crisis -- >> number one. >> so after four years, four years of disastrous policies, we're running these gigantic deficits that the -- that led to the affordability problem, massive government regulations, so what we had was a demand shock from the government spending that was met by supply constraints with over regulation. so we are in the process of deregulating, which could help the supply side, and we are cutting back government spending. it took four years to get us here. president trump has been in office five weeks. i'll point out, interest rates, the ten-year bond have been down every week since president trump was president. no mortgage rates have been down

every week, so that's a pretty good start. >> i hear you that sometimes the data lags reality, but when we are talking about people's perceptions of the economy, it's just how they're feeling right now, we see in our polling 52% of americans say that trump's policies are making grocery prices go up. he explicitly said that on this bar chart that you see there. it's an experience and a perception issue. when does that shift? when we see the benefits of the planning, you say, is underway. >> i think that president trump said that he'll own the economy in 6 or 12 months, but i can tell you that we are working to get these prices down every day. but it took four years to get us here. and we've had five weeks. so interest rates are down. that's a good start towards auto

affordability. we are tackling this. at treasury, we are going to appoint an affordability czar. we are going to have an affordability council. we are laser focused on this. >> what does that mean? what's an affordability czar? >> someone who picks the five or eight areas where this administration can make a big difference for working class americans. >> okay. well, one of the things that we hear the president talk about a lot is the plan to use tariffs. i know this falls under the per view of commerce and the trade rep. but you have spoken a bit about it before. if the president does roll out the 10% tariffs that he says are coming on china this week, the 25% on canada and mexico, how much do you think they will impact what americans experience? the peterson institute says it will cost households an additional $1,200 a year. >> look, a couple of things. i respect my friends at the peterson institute. i think they're a bit alarmist.

i think a lot of their supporters are anti-tariff, so they take an anti-tariff position. and look, we have the experience of president trump's first term, where the tariffs did not affect prices. and it's a holistic approach that there will be tariffs, there will be cuts in regulation, there will be cheaper energy. so i would expect that very quickly we will be down to the fed's 2% target. so i'm expecting inflation to continue dropping over the year. >> should we expect these tariffs to come march 4th? >> there's a series of tariffs. march 4th and then there's the big tariff program that's going to be outlined on april 2nd by commerce and ustr. and that's the president's notion of reciprocal tariffs and that's going to be very path dependent.

we will be specific on non-tariff barriers, the currency manipulation, manipulation of financing or labor manipulation. and what are these horrendous fines that the european union is putting on our tech companies. and we are going to evaluate that and give them an opportunity to remedy that. so we could either see a ratcheting up in tariffs or, if our trading partners want to remedy what has been unfair trade, then we could see the tariffs come off. it's going to be path dependent. >> and that's europe in april, mainly? >> well, that's across the world. >> okay. so when you say that the peterson institute's too alarmist with 1,200 a year on the average household, what's the cost to every household? >> it's path dependent. i can tell you that i'm not worried about china. china will pay for the china tariffs, because their business

model is exporting their way out of this deflation. they are the most unbalanced economy in modern times and the idea that because of a tariff, that they would lower their production is wrong. they are going to continue flooding the market. they will eat any tariffs that go on. >> so i saw you say on bloomberg recently that mexico has offered to match the u.s. tariffs on china. and that you would like for the canadians to do so, as well. you described it as a fortress in north america. is that in the works? >> i don't know yet. we'll see. the mexican leadership has offered to do that. we haven't heard from the canadians, but i think that would be a very good start. >> by tuesday, potentially, to offset the potential punishment on them? >> by tuesday or maybe the tariff wall goes up and then we see what happens from there. but i can tell you that under

the cover of covid, china dramatically increased their export capacity and they are trying to export their way to prosperity. they are this in an economic crisis. they have gigantic deflation and it's unacceptable to them to export that to the rest of the world. and i think north america would be a very good start for pushing back against this unfair trade policy. >> well, that would be a significant development. >> very significant. >> which would avoid tariffs, that are supposed to go out on tuesday. >> we'll see! >> okay. >> we'll be watching that space. i want to ask you about ukraine. you were in that oval office meeting, that went sideways on friday. president zelenskyy was told to leave the white house before he signed the minerals agreement that i know you have been working on. he said yesterday, though, he is ready to sign it. he called it the first step towards security guarantees, it's not enough. we need more than just that. a cease-fire without security

guarantees is dangerous for ukraine. is the deal still on the table or has president trump instructed you to drop the project? >> margaret, it is impossible to have an economic deal without a peace deal. the foreign economic deal is that ukrainian leadership wants a peace deal. >> i thought this was a building deal towards getting -- >> well, it was supposed to be. but president zelenskyy came into the oval on friday. there were three things that were going to be done. there was going to a press conference, a private lunch with 16 of us, andscavino's post on "x" account, we were already set up to sign the deal. so it's unclear now, president zelenskyy has thrown off the sequencing. and margaret, let me tell you the most tragic part of this. president trump's idea for this economic arrangement was to further intertwine the american

people and the ukrainian people and show no daylight. to show the russian leadership that there was no daylight and president zelenskyy came into the oval office and tried to re-litigate in front of the world the deal. and we were going -- the place to have done it would have been in the private lunch. >> okay, well, it's news to me that that was -- that the sequencing is shifting. that you are saying that you have to agree to a peace deal before the minerals agreement? there aren't even negotiations for a peace deal? >> first of all, it's not a minerals agreement, it's a general economic agreement. so calling it a minerals agreement is incorrect. >> okay. >> and i think we have to see if president zelenskyy wants to proceed. what's the use in having an economic agreement that's going to be rendered moot, if he wants the fighting to continue? president trump wants a peace deal. >> vladimir putin, it's unclear if he wants a peace deal, though. there are no negotiations underway.

the secretary of state said that on another network this morning. >> and presidnt trump has said that. president trump is trying move towards peace. he's said repeatedly during that episode in the oval, we don't know if we'll get a peace deal, but we've got to try. >> okay. last sunday, president trump's envoy, steve whit kof said on another network what the peace negotiations was to draft istanbul. this would leave ukraine helpless in the face of future russian threats or aggression. if that's described as the future of u.s. diplomacy and the framework, why isn't mr. zelenskyy asking the right question when he says, how can i agree to a cease-fire with no security guarantees or even a minerals agreement or investment agreement without security guarantees? >> i think the plan is for the european union to provide this security. not nato. the european union. and again, the tragedy of

friday, and i don't know what president zelenskyy was thinking, we had the president of france, emmanuel macron in on monday, great meeting, prime minister keir starmer on thursday. fantastic meeting. they were all onboard the arc of the peace agreement. all president zelenskyy had to do was come in and sign this economic agreement and again show no daylight -- no daylight -- between the ukrainian people and the american people and he chose to blow that up. >> so the deal is no longer on the table, to be abundantly clear? >> not at present. >> our social media producers tell us as of this morning, we've had more than 100 million views on posts related to the meeting across our cbs news social media platforms. there is no shortage of trump viral videos, but this one has spread around the world. >> mr. president, mr. president, with respect, i think it's disrespectful for you to come

into the oval office and try to litigate this in front of the liberal media. right now you're going around and forcing conscripts to the front lines because you have manpower problems. you should be thanking the president -- >> have you been to ukraine that you say what problems we have? >> i have been to -- >> come once, during the war, everybody has problems. even you. but you have nice ocean and don't feel now. but you will feel it in the future. god bless -- >> you don't know that -- you don't know that -- don't tell us what we're going to feel. we're trying to solve a problem. don't tell us what we're going to feel. >> i'm not telling you -- >> you're in no position to dictate that. you don't have the cards right now. with us, you start having cards. >> not playing cards. >> you're playing cards. you're gambling with the lives of millions of people. you're gambling with world war iii. you're gambling with world war iii. and what you're doing is very --

disrespectful to the country. this country -- >> with respect to you -- >> far more than a lot of people said they should have. >> have you said "thank you" once this entire meeting. >> multiple times. >> in this entire meeting -- >> "face the nation" will be back in one minute. stay with us. inute. stay with us. ♪ i need to feel ♪ ♪ hey! ♪ ♪ baby, i'm tired of waiting ♪ ♪ go re-charge your batteries, ♪ ♪ come back to me and make your mama proud ♪ ♪ ♪ ♪ i need your arms around me, ♪ ♪ i need to feel your touch ♪ ♪ and i really want to talk! ♪

we are we are back now with republican congressman mike turner. good to have you back. >> thank you. appreciate you having me. >> what were you thinking when you saw that oval office meltdown? >> the first thing, obviously, is, you know, we have to realize why this is important and really what was at stake here. this is important, because ukraine is important. this is about the fight between, you know, authoritarianism and freedom and democracy. this is the ronald reagan evil empire against democracy. as we're watching this fight, we have to be concerned about what's crumbling here and what needs to be put back together. and i think that's what we all felt in our stomachs and our anxiety as we watched what was at risk here.

the second thing is, is really how inappropriate this was for zelenskyy. the con context is, this was a signing agreement. zelenskyy had been negotiating with the united states on a minerals deal, an economic deal, as the treasury secretary said. he'd been doing so for weeks. i had met with him with members of congress in munich. he told us some of the terms he wanted. he had a successful deal. the united states has conceded. he was flying here under the pretext that he was going to sign this deal. this should have been a win. as he was sitting in the oval office, he said, i want the president to stand with ukraine in moments, he was going to be standing with the president of the united states, with a win that he had negotiated. and instead of taking that win, he turned it into a debate on american security guarantees on the peace negotiations, instead of taking that win, and then from that, going forward? >> it all went side waist after

a polish reporter in the room asked president trump about his perceived alignment with president. that's what the president reacted to and the vice president jumped in praising trump's diplomacy and that's when zelenskyy said what he said about well, what kind of cease-fire and diplomacy you're talking about? i've brokered deals with vladimir putin in the past. do you really think that this was all to blow it up or people were talking past each other? what do you think happened? >> i think fundamentally here, again, you don't fly, you know, a quarter across the world for a signing ceremony for a deal with the president of the united states and turn it into a debate on american security guarantees, on peace negotiations, unrelated to the mineral deal -- >> but you can't take things out of the context -- like treat them in a vacuum.

earlier in the week, president trump had referred to volodymyr zelenskyy as a dictator -- >> which he had retracted because -- >> then he told people at the u.n. -- >> and he had taken back, because the negotiations had gone forward in way that was positive. >> mm-hmm. but this isn't happening in a vacuum. >> right. it is within question, in fact, where america's alliances are. french president emanmanuel macn told a newspaper, there needs to be a strategic dialogue with european countries that don't have near weapons, because they can no longer depend on the american nuclear deterrent. that is an incredible statement from a nato ally. this is how this is heard around the world. >> again, all of these are hysterics. baa they're coming from the crux the zelenskyy has made. i truly believe this is zelenskyy. he has made a pre-condition of going forward with peace

negotiations, american security guarantees. and what you saw was him enter into a very public debate with the president of the united states in the oval office of, i want -- and you heard it. you yourself said it to the secretary of the treasury, i want an american security guarantee as a precondition for peace negotiations. no one is going to -- no president is going to give him, as a precondition to peace negotiations. you do the peace negotiations, then you determine what security guarantees, what arrangements -- >> failed peace negotiations and failed diplomatic agreements brokered by europe that had no american guarantee that failed. . it's what's different this time? >> you got to hear president trump -- he engaged by saying that people are dying, we need to stop the dying. we can't go into world war ii. and, you know, imploring him to let's go forward with the peace negotiations and then we'll determine what security arrangements need to be made around the peace negotiations. the fact that zelenskyy has it

backwards, the cart before the horse. i want a security guarantee to go into peace negotiations, is really what has caused the impediment. >> are you comfortable with the u.s. diplomatic outreach and the decision to no longer isolate vladimir putin? because he has not said anything about making any kind of concession? volodymyr zelenskyy is being asked to do that publicly. >> well, actually, no, he has not, but the russians showed up. i'm very comfortable that marco rubio, as our secretary of state, in the lead with these negotiations, is very -- >> is he in the lead with negotiations or is it steve witkoff? >> he's in the lead with negotiations, i'm very confident of his strength, he has commenced the negotiations. i believe that zelenskyy needs to trust him and he needs to not have this precondition of american security guarantees which are not coming. remember, ukraine has been before every president since clinton. clinton, you know, in the issue

of the budapest, when they were giving up nuclear weapons. obama, you know, bush, everybody has had ukraine before -- mempb president has declined to give american security guarantees as a precondition to any negotiations. >> which is why zelenskyy is saying, give them to me now, because nothing stopped them before. >> the peace negotiations, these are -- and then we need to look at what are the constructs of what security guarantees need to be and what that needs to be put in place. >> i want to ask you your position on armed services. cbs has confirmed that defense secretary hegseth has ordered cyber command to temporarily halt cyber operations and planning against russia. "the washington post" reports that that's as long as the negotiations continue. there are no negotiations underway. does this concern you? have you been briefed on this? >> i can -- i don't -- i'm unaware of that and i don't believe that that would be -- there are too many -- i'm certain -- considerations there for that to be an accurate statement so blanket.

>> but they have ordered cyber command to halt cyber operations. >> considering what i know that -- considering what i know that russia is currently against the united states, i'm certain that would not be an accurate statement of the current status of the united states operations. >> you are confident that the united states -- >> i am confident considering what russia is currently doing against the united states that the united states' status against russia would not be that -- considering what we are facing from russia operations, yes. >> all right. thank you very much, congressman turner. we'll be right back with a lot more "face the nation." stay with us. be right back wit baltmore "face the nation." stay with us.

tracey from lillie's of charleston will watch 60 contestants eat 60 hot wings all covered in lillie's hot sauce oh honey, don't touch your face will be in this ad 60% of the time

great job, bob! at ameriprise financial we know our clients are so much more than clients. they're go-getters and game-changers, legacy-leavers and visionaries, healers and confidants. the goals that matter most to you matter most to us. helping you achieve them is what we do best. with personal financial advice from an advisor you can trust, and goal-based investing and solutions. it's no wonder we have a 4.9 out of five client satisfaction rating. ameriprise financial advice worth talking about. president trump will be addressing a joint session of congress this tuesday. be sure to join us for that. our network coverage of the speech starts at 9:00 p.m. eastern time tuesday night, but cbs news 24/7 special coverage begins at 5:00. we'll be right back. 24/7 specia begins at 5:00. we'll be right back.

♪♪ ♪♪ ♪ your own personal jesus ♪ ♪♪ ♪ someone to hear your prayers, ♪ ♪ someone who's there. ♪ ♪♪ ♪♪ ♪ reach out and touch faith ♪

wounded warrior project empowers post-9/11 veterans and their families with life-changing programs and services. i realized i could be successful in a civilian career. we stand by warriors and advocate for their needs going forward. they were by my side in the hospital, and they're still with me today. through our programs, community and advocacy, we're proving anything is possible. learn more at wounded warriorproject.org/connect we'll be right back with a

lot more "face the nation" including arizona democratic senator mark kelly, john james, and our own anthoniy salvanto joins us with our own cbs news poll.