Bessent Says Getting Better Trade Terms 'Not Always Pleasant' Process
Treasury Secretary Scott Bessent, in a talk moderated by Mike Milken, a former trader pardoned by President Donald Trump for long-ago securities fraud, said that trade, tax cuts and deregulation are "interlocking parts of an engine designed to drive long-term investment in the American economy."
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Milken established the Milken Institute, which hosted the talk at its annual conference in Los Angeles.
Bessent quoted star investor Warren Buffett, who said, "Never bet against America," and said "The American economy is unstoppable."
He said that when the American economy was knocked down during the Great Depression, two world wars, the 9/11 recession, the COVID-19 recession and recent inflation, it recovered.
Bessent said he supported Trump's candidacy because he was afraid that four more years of Democrats' leadership would result in higher government debt, which would then mean the federal government would have to raise taxes.
Milken asked Bessent if the tariffs Trump has hiked run the risk of isolating the U.S. economy.
Bessent said, "Getting better terms of trade is not always a straight line, it’s not always a pleasant process, but I think, at the end, the trading relationships will be stronger."
Bessent credited Trump's badgering of NATO members for an increase in defense spending among many European countries. "Can we do the same thing in trade? I think so," he said.