Treasury Secretary Scott Becent gave a keynote address to the American Bankers Association, saying the Trump administration is focusing on Main Street rather than Wall Street to restore American dreams.
Treasury Secretary Scott Bescent said despite the success of Wall Street in recent years. Trump administration I think Main Street is the turn to lead the economy.
Bescent said the Trump administration will concentrate the next four years on Main Street and restore the American Dream during its keynote address to the American Bankers Association. Washington DCon wednesday.
“While Wall Street has been able to continue to grow and become wealthier than ever since the last 40 years, essentially since starting a career on Wall Street, Trump's agenda will be focused on Main Street for the next four years,” Bescent said. “It's Main Street's turn, the employment workers on Main Street, Main Street's turn to encourage investment, and Main Street's turn to restore the American dream.”
Bescent said the Trump administration will continue to aim to give all banks the opportunity to succeed “whether it's JPMorgan or your local mortgage and loan” to ease the bureaucracy that will stop Americans from obtaining the capital they need.
Bessent warns China about currency movements, saying that “DelaveRaging” in bond markets is not a systematic issue
Treasury Secretary Scott Bescent spoke at the American Bankers Association's Washington Summit held at the Walter E. Washington Convention Center in Washington, DC on Wednesday. (Kayla Bartkowski / Getty Images / Getty Images)
Wall Street has seen the ups and downs in recent weeks as President Donald Trump launched tariffs on US trading partners that have shaken the US stock market.
Treasury Secretary Scott Bessent is responding to China, which imposes a tariff of 84% on US goods, and a potential backup plan for a company that appears to be “closing” in light of the Chinese economy and tariffs.
China imports increase US tariffs from 34% to 84%
Trump's tariffs came into effect shortly after midnight Wednesday. 104% tariff included Products from China20% in the European Union, 24% in Japan, and 25% in South Korea.
R-Tenn. Senator Bill Hagerty will provide updates on the settlement process, trade negotiations between the US and Japan, and China's retaliatory tariffs.
In retaliation, China announced on Wednesday that it would tax 84% on American goods. The European Union has also announced new tariffs on US goods of $23 billion.
