Scott Bessent, nominee for Treasury Secretary under the incoming Trump administration, is set to outline a bold economic agenda during his Senate confirmation hearing Thursday. According to prepared remarks, Bessent will emphasize the need to permanently extend the 2017 Tax Cuts and Jobs Act while advancing new policies to reduce the tax burden on manufacturers, service workers, and seniors.
Bessent will warn that failure to act could result in a historic $4 trillion tax hike, which he called “crushing” for the American economy. He plans to stress the importance of prioritizing productive investments to spur economic growth while avoiding wasteful spending that contributes to inflation.
Focus on Revitalizing U.S. Manufacturing and Trade Policy
Bessent is expected to draw a sharp contrast between the Trump administration’s manufacturing strategy and the Biden administration’s industrial policies. He will criticize the Biden administration for focusing on climate change and DEI (Diversity, Equity, and Inclusion) agendas at the expense of economic productivity. Despite billions in subsidies for new manufacturing plants, Bessent will point out that U.S. manufacturing has experienced a prolonged downturn, with declining output and soaring consumer prices.
In his testimony, Bessent will defend President-elect Trump’s plans to impose tariffs and negotiate better trade terms for American businesses. Trump has pledged to protect U.S. workers by imposing broad tariffs on foreign goods, with the possibility of relief for trading partners willing to lower trade barriers and increase purchases of U.S. products. Bessent will reiterate Trump’s position that foreign companies can avoid tariffs by relocating production to the United States.
“Trump was the first president in modern times to recognize the need to change our trade policy and stand up for American workers,” Bessent plans to say.
Additional Policy Priorities
Bessent will also address other critical economic issues, including securing U.S. supply chains vulnerable to foreign competitors, maintaining the dollar as the world’s reserve currency, and implementing sanctions as part of a comprehensive national security strategy.
Prepared remarks reviewed by Breitbart News indicate Bessent’s focus on maintaining the U.S. dollar’s dominance, describing it as essential to the nation’s economic health. Senators are also expected to question Bessent on tariffs, a proposed Bitcoin reserve, the future of Fannie Mae and Freddie Mac, and Russian sanctions.
Bessent has quietly built bipartisan relationships in recent months, meeting with lawmakers across the aisle. His confirmation is widely anticipated.
