Secretary of Treasury Besent says the American dream is not about “approach to cheap slave”

On Thursday, the Scott Bessent Treasury Secretary offered to defend the views of the White House on tariffs, insisting that trade policy must be more than just getting low -priced items from other countries.

“Access to cheap goods is not the essence of American dream,” Beesent said during a speech by the New York Economic Club. “The American Dream is rooted in the concept that every citizen can achieve prosperity, upward mobility and economic security. For too long, the designers of multilateral trade agreements have lost sight of it.”

The remarks have arrived with the markets on the verge of how much President Donald Trump will enter into an effort to achieve his goals at a global trade. Shares have dropped suddenly on Thursday Despite the news of a movement from the administration of Mexican imports.

In a speech performed by a bunch of leading economists, Beesent said Trump was ready to take strong measures to achieve his trade goals.

“To the extent that other countries are damaging to our own economy and people, the United States will answer. This is an American first trade policy,” he said.

Earlier during the day, Data from the trade department He underlined how much they had now bypassed their global trade partners. In January, the imbalance swelled a record $ 131.4 billion, an increase of 34% compared to the previous month and almost doubled compared to the year before.

“This system is not sustainable,” Bessent said.

Economists and participants in the market take care of Trump’s tariffs Prices and slow growth will increase. However, the White House officials point out that the tariffs could slightly pierce inflation during Trump’s first term, making growth potential from redistribution while companies seem to avoid paying duties.

“Through continuity, I don’t worry about inflation,” Bessent said. He added that Trump believes that the tariffs have three benefits: as a source of income with the US that manages huge fiscal deficits, as a way of protecting industry and workers from unjust practices around the world, and as a “third leg to a chair”, as Trump “uses it to” negotiate “.

The interview was hosted Thursday by Larry Kudlow, head of the National Economic Council during Trump’s first term.

In addition to talking about tariffs, the two of them talked about a deregulation, as well as a heavy debt burden and a deficit the government faces. The budget is already 840 billion dollars in a hole Through the first four months of a fiscal 2025, because the deficit passed above 6% as a share of gross domestic product, which is almost unheard of in the peace, expansion economy.

“This is the last chance and the barbecue to do so,” Bessent said about the imposition of a fiscal discipline. “Everyone knows what they should do. That’s, do they have the willpower to do so?”

Bessent also advocated a deep testing of bank regulations, especially for fewer institutions, which he said are burdened with rules that do not help in security.

As Bessent spoke, stocks added to the Wall Street Losses Hard Week.

“Wall Street is great, Wall Street can continue to do good. But this administration talks about Main Street,” he said.