Treasury Secretary Scott Bessent defended President Trump’s global trade tariffs on Thursday during a speech at the Economic Club of New York, emphasizing that the administration’s “America First trade policy” is about more than just lowering consumer prices. He stated that the American dream is rooted in the belief that any citizen can achieve prosperity, upward mobility, and economic security, criticizing past trade agreements for neglecting these principles.
Bessent highlighted the administration’s commitment to aggressively reshaping global trade relationships to rebalance the international economic system. He asserted that the U.S. would respond to any foreign practices harming its economy and people, identifying issues such as tariffs on U.S. exports, non-tariff barriers, unfair fines on exporters, policies undermining global competition and wages, and currency manipulation leading to persistent trade surpluses.
However, these trade policies have raised concerns among some of Trump’s supporters, who are frustrated by rising inflation and increasing prices for essential goods like gasoline and eggs. Despite the administration’s assurances, consumers are experiencing higher costs in their daily lives, leading to calls for more effective measures to alleviate financial pressures. citeturn0news16
The administration plans to scrutinize economic policies from both allies and adversaries, aiming to renegotiate what it considers unfair agreements while promoting domestic manufacturing and economic growth. This strategy seeks to ensure that American businesses and workers are not disadvantaged in global markets.