Treasury Secretary Scott Becent detailed President Donald Trump’s economic strategy on Fox News on Tuesday, breaking down what he said, and consumption of potential financial benefits and global tariffs The impact on those affected was minimized.
Between exterior In a “special report with Bret Baier,” Bessent said that leveraging tariffs could fundamentally change the economic landscape without putting a burden on consumers.
“I think that’s rarely the case and it’s going to be handed over to the consumer. I think the currency will be adjusted. I think China in particular is particularly opposed to exporters, the other company, trying to eat a lot of money.” Bescent said.
Bessent outlined three main ways that he said tariffs were adopted.
“Well, I spoke [how] Unlike modern presidents, President Trump uses tariffs. And we think of three ways to do that. One is government income. Two can create trade fairs because many trading partners don’t treat us fairly. And three, President Trump is using them for negotiations, like we saw with Mexico and Mexico in the fentanyl crisis we have,” Bescent said.
“So tariffs could bring substantial revenue to the government. So, for example, a 10% global tariff would bring $2.5 trillion over a decade.” (Related: “I’m very intrigued”: Economist Steve Moore says Trump’s customs trade is “dangerous” but it might work.)
Bessent then said that these strategies combined with domestic policy adjustments such as energy prices reductions and deregulation can help curb inflation. Bessent is optimistic that inflation is well below the Federal Reserve 2% target.
“When we lower overall inflation, energy prices, when we save regulations, as we saw in President Trump’s first term, inflation is probably controlled by a Fed 2% target, perhaps with less. I think I’ll do that,” Bessent said. .
Trump was introduced on February 1st Comprehensive tariffs It aims to curb the influx of illegal immigrants and the invasion of drugs like fentanyl from these countries regarding imports from China, Canada and Mexico. Following Trump’s announcement, Mexico responded by deploying thousands of troops along the US-Mexican border to halt illegal drug trafficking and unauthorized immigration.
Similarly, Canadian Prime Minister Justin Trudeau has pledged to strengthen security along the US border. In response, Trump agreed to suspend tariffs on both countries for 30 days. Following Trump’s announcement of global tariffs, Taiwan’s President Leichin has pledged to increase investment in the US and strengthen dialogue on the semiconductor industry.
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