Treasury Secretary Scott Bessent spoke to bankers in Washington, D.C., on Wednesday, emphasizing President Donald Trump’s focus on supporting small businesses. Speaking at the American Bankers Association Summit, Bessent highlighted that while Wall Street has prospered, Main Street has often been overlooked.
Bessent’s remarks came in the wake of Trump’s recent announcement of tariffs affecting nearly 90 countries. He noted that the stock market reacted negatively to this news, causing a dip that has yet to recover. In his speech, Bessent stressed that the administration aims to empower all banks, big and small, to thrive in the current economic landscape.
"For too long, financial policy has favored large institutions," Bessent stated. He asserted that the current administration’s agenda is to shift the focus to local businesses, saying, "It’s Main Street’s turn to hire workers and drive investment."
During a question-and-answer session after his speech, Bessent acknowledged some uncertainty in the market due to the tariffs but maintained that many corporate leaders believe the economy is strong. He expressed optimism about potential trade negotiations, stating that the administration is prepared to work with allies to strengthen their position in discussions with China.
Bessent mentioned that there are about 70 negotiations planned and indicated that he would remain in Washington to continue these discussions, emphasizing the administration’s commitment to achieving favorable trade deals.