Treasury Secretary Highlights U.S. Economic Growth Potential
Treasury Secretary Scott Bescent emphasized on Wednesday that the Trump administration “hopes America can build again.”
In an interview with Breitbart News Washington Director Matthew Boyle, Bescent discussed the ongoing “capital expenditure boom” in the U.S. When asked what capital expenditures meant, he noted that it includes elements related to artificial intelligence (AI).
Reflecting on what he has learned since taking office, Bescent expressed surprise at Germany’s choice to “deindustrialize” despite its reputation as a manufacturing leader. He remarked that he didn’t realize the U.S. had made a conscious decision to move toward industrialization.
“Caps are booming, and some of it pertains to AI,” Bescent stated. “People often ask me, ‘What has surprised you the most?’—and I point to Germany because they’ve historically been a strong manufacturing power yet have chosen to go in a different direction.”
“I didn’t think the U.S. had decided to industrialize,” he added. “Thanks to extensive environmental regulations, we struggle to build things. President Trump and the Cabinet are committed to reversing that trend. It shouldn’t take eight years to approve something like a pipeline.”
Bescent noted the ambitions of TSMC, the largest semiconductor manufacturer globally, to establish large facilities in Arizona. He highlighted that 99% of high-performance semiconductors are produced in Taiwan, presenting significant national security risks. “This is partly due to tax policies, but we hope regulatory frameworks can be improved,” he said.
As previously reported, Boyle’s conversation with Bescent coincided with reported economic growth in the commercial sector, with a 3% increase in gross domestic product in the second quarter of 2025.
During the interview, Bescent suggested that there is more growth yet to come. “Economic progress has been a long time coming, even amidst concerns about the impact of Trump’s tariff policies,” he said, noting that the administration is actively working on peace and trade deals.
