As speculation swirled over the administration's next economic move, Treasury Secretary Scott Bessent stepped onto the stage at the Economic Club of New York on March 6 with one message: the Trump administration wasn't aiming for lower prices—it was aiming for something bigger.
"The American dream is not ‘let them eat flatscreens' or cheap baubles from China," Bessent said bluntly. "Access to cheap goods is not the essence of the American dream."
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Bessent's speech laid out three pillars of the administration's economic strategy: deregulation at home, a tariff-driven restructuring of global trade, and a sharper use of financial tools in foreign policy. Together, he said, they form the backbone of Trump's "America First" agenda—designed to prioritize working Americans over global supply chains and multinational politics.
"America First is about more than just domestic or international policy," Bessent said. "It is a holistic program that serves the goal of improving the lives of every American."
Bessent's remarks came nearly a month before President Donald Trump officially announced sweeping tariffs on April 2, affecting imports from more than 180 countries. While the White House had not yet confirmed the plan, reports of looming trade action had already begun circulating. Bessent's speech served as a preview of the administration's strategy—framing tariffs as a structural correction, not a temporary disruption.
"This is what tariffs are designed to address," Bessent said. "Leveling the playing field such that the international trading system begins to reward ingenuity, security, rule of law, and stability—not wage suppression, currency manipulation, intellectual property theft, non-tariff barriers and draconian regulations."
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The vision isn't just about factories or imports. It's about wages, homeownership, and financial stability. Or, in Bessent's words: "mortgages, cars, real wage gains."
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He made it clear that the era of relying on cheap overseas goods while hollowing out American industry is over. And if that means short-term pain, he says it's worth it. "International economic relations that do not work for the American people must be re-examined."
Beyond tariffs, Bessent leaned heavily into regulatory reform. He criticized what he called the "regulatory overreach" of the past, blaming it for missing risks like the Silicon Valley Bank collapse and throttling growth for community banks. He promised to steer the Treasury toward smarter, more effective oversight—not just checking boxes.
And in a sharp rebuke of how the U.S. has subsidized global stability for decades, Bessent said it's time for allies to step up. "No longer should American tax dollars, American military equipment, and in some cases, American lives, be the sole bearers of upholding friendly trade and mutual security," he said.
At its core, Bessent's message was that the administration is done playing by the old global rules.
"Every decision and policy of the United States government should serve the American people," he said in closing.
On March 2, during an appearance on CBS's "Face the Nation", Bessent said, "I think President Trump said that he'll own the economy in six or 12 months, but I can tell you that we are working to get these prices down every day, but it took four years to get us here."
As of April 7, the markets are showing serious strain. The Dow dropped 349 points after plunging as much as 1,700 earlier in the day. The S&P 500 is down more than 9% over the past week—its worst stretch since March 2020—while Morgan Stanley is warning of a possible further slide to 4,700. Rumors of a tariff pause briefly lifted investor hopes, but the White House quickly shut them down, reaffirming Trump's plan to intensify trade pressure on China.
Bessent and the administration remain firm: the tariffs are staying. More than 50 countries are reportedly already in talks to renegotiate. But with markets rattled and prices still climbing, the real test may not be economic—it's how long the public is willing to wait.
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