Trump Advisor Says Economic Plan Will Help Workers

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Treasury Secretary Scott Bessent defended President Trump’s economic strategy during an appearance on NBC’s “Meet the Press,” emphasizing its potential long-term benefits despite recent market volatility.

When questioned by host Kristen Welker about the $6 trillion market decline following Trump’s tariff announcement, Bessent maintained a positive outlook, praising the market infrastructure’s resilience during record trading volumes.

“Look, Kristen, markets are organic. They’re animals. I mean, you never know what the reaction is going to be. One thing that I can tell you, as the Treasury secretary, what I’ve been very impressed with is the market infrastructure, that we had record volume on Friday and everything is working very smoothly. So, the American people — they can take great comfort in that.”

The data is on our side. President Trump's plan will reindustrialize the United States, revitalize the private sector and raise wages for hardworking Americans.pic.twitter.com/8pLTNtETSF

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— Secretary of Treasury Scott Bessent (@SecScottBessent) April 6, 2025

Addressing concerns about economic uncertainty, Bessent compared the situation to Reagan’s economic reforms, suggesting that temporary market disruptions were necessary for long-term prosperity. He emphasized the national security implications of restructuring supply chains, particularly for critical sectors like pharmaceuticals and semiconductors.

When pressed about the impact on retirement savings, Bessent downplayed short-term market fluctuations, noting that most Americans’ 401(k) accounts were only down 5-6% for the year. He referenced an MIT study indicating that a 20% tariff on China resulted in just a 0.7% price increase over four years.

“I’ve said tariffs are a one-time price adjustment. That’s very different from entrenched inflation. We’re also raising wages and reducing regulation. Regulations have cost an average household about $8,000. When we pass the tax bill, we’ll provide economic certainty.”

Treasury Secretary Scott Bessent tells Tucker Carlson

– The top 10% of Americans own 88% of equities, 88% of the stock market
– The next 40% owns 12% of the stock market
– The bottom 50% has debt
-Summer of 2024 more Americans were using food banks than they ever have in history pic.twitter.com/Idt0l5Ivtw

— Wall Street Apes (@WallStreetApes) April 4, 2025

Regarding international trade negotiations, Bessent revealed that over 50 countries had approached the administration about reducing trade barriers and addressing currency manipulation. He maintained that despite concerns about recession risks, recent job numbers exceeded expectations.

The Treasury Secretary concluded by discussing the administration’s budget plans, praising Republican unity under Speaker Johnson’s leadership, and expressing optimism about passing economic reforms ahead of schedule. He also noted that Friday’s drop in long-term interest rates could positively impact mortgages and capital formation.