President-elect Donald Trump's nominee to head the Treasury Department reminded a Democratic senator during his confirmation hearing Thursday that China is not doing its part to join the “clean energy race.” There was a need.
Sen. Ron Wyden (D-Ore.) asked Scott Bessent. Whether you support eliminating tax credits for low- or zero-emission products.
“Free trade must also be balanced with fair trade.”
“The more we reduce carbon, the bigger the tax savings. Right now, the Trump administration is making a big effort to reverse that. I think this is bad for the economy, but it's very important for China. We're in a clean energy arms race with them, so are you going to side with the people who want to figure this out?'' Wyden asked.
“Senator Wyden, I want to explain this to everyone in this room: China is going to build 100 new coal-fired power plants this year. There is no clean energy race. There is an energy race. “Yes,” Bessent said.
“China is going to build 10 nuclear power plants this year. That's not solar power. I'm in favor of more nuclear power plants. And as the CBO has scored, the IRA is on the upswing in spending. “I would also like to note that it is significantly out of control in some respects,” he continued.
Mr. Bessent continued to take a tough stance on ensuring free trade with countries like China does not come at the expense of average Americans.
“Free trade must also be balanced with fair trade, but what is clearly happening is that trade has not been fair, and that has fallen on American workers. “They are in a deep recession/depression…and they are trying to export and get out of it rather than do a much-needed internal rebalance,” he said. said. explained.
During the hearing, Mr. Bessent further stated that: noticed The United States does not have a revenue problem, but it does have a spending problem that needs to be controlled.
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