Treasury Secretary Scott Becent defended President Trump's global trade tariffs at his economic club in New York on Thursday, explaining that the Trump administration's “American First Trade Policy” includes more than low prices.
“Access to cheap products is not the essence of American dreams. American dreams are rooted in the notion that any citizen can achieve prosperity, upward mobility and economic security,” he said.
“For too long, designers of multilateral trade transactions have lost sight of this. International economic relations that do not work for the American people must be reexamined.”
The newly minted Treasury leader said the president will restructure trade relations with a “active campaign” to recalibrate the international economic system.
“The US will respond as long as other countries' practices do harm to our own economy and our people. This is America's first trade policy,” Bescent said.
“We identify bad actors across a variety of standards, not just tariffs that apply to exports, but laws that unfairly apply fines to exporters, government policies that weaken global competition and curb wages, and laws that sustainably curb trade, and laws that curb trade.”
The Trump administration, like its allies and enemies, aims to analyse economic policies and regain what drives domestic production in light of unfair agreements.
meanwhile Follow-up Q&A Along with Fox Business Network commentator Larry Kudlow, Bessent said Trump “believes in three things.” One, that [tariffs] It's a good source of revenue. The second is protecting our key industries and employees. And the third, he adds a third leg to the stool and uses it for negotiation. ”
On Tuesday, Trump imposed a 25% tariff on Canada and Mexico, and an additional 10% tariff on China. On Thursday, the president exempted certain imports from North American tariffs for a month. Economists warn that higher collections could affect American damage to consumer prices.
But Trump said the blow was “worthy of the price that he has to pay,” but Bescent said tariffs could be “a one-time price adjustment.”
Bescent also warned that the US would work to create sanctions crippling against Iran.
“In the past, I have written that economic security is national security, which is not as obvious as the US Treasury sanctions,” Bescent said.
Bessent said the US will close access to Iran's international financial system by targeting its oil supply chain at every stage.
“Breaking Iran again marks the beginning of an updated sanctions policy. Look at this space.” Bescent said.
“If economic security is national security, then neither will Tehran have power.”
