Treasury Secretary Scott Bessent spoke passionately about the Trump administration’s tariff policies at the Economic Club of New York on Thursday. He emphasized that having access to cheap goods does not define the American dream. Instead, he argued that the dream is about the ability of every citizen to achieve prosperity and economic security. Bessent criticized past trade deals, saying they have lost sight of this fundamental idea.
The White House continues to support its protectionist trade strategies despite market instability. President Donald Trump responded to a recent stock market decline, suggesting that globalists are unhappy about America’s potential wealth. He stated that tariffs are not just about saving American jobs but are also about preserving the country’s identity.
During his address to Congress earlier in the week, Trump reiterated the importance of tariffs, noting that they are essential for protecting the soul of the nation. He acknowledged that there might be some short-term disruptions but assured the public that the country would manage.
Trump also announced that "reciprocal tariffs" would begin on April 2, meaning that the U.S. will impose tariffs equal to those set by other countries on American goods. Recently, 25% tariffs on imports from Canada and Mexico were implemented. However, Trump has since exempted many items from these tariffs and introduced new duties on Chinese goods.
This ongoing trade strategy aims to reshape America’s economic landscape, reflecting a significant shift in how the government approaches international trade and its impact on American workers and businesses.