Treasury Secretary Scott Bessent laid out the Trump administration’s economic plan that will bring about the most prosperous decade in U.S. history for both Wall Street and Main Street. In a Wall Street Journal op-ed, Bessent laid out three steps the Trump administration is taking to usher in economic growth in America.
First, global trade is being renegotiated, as tariffs are an effective means by which international commerce can be balanced, Bessent explained.
“They reduce trade barriers in other countries, opening more markets to American producers while also bringing back thousands of manufacturing jobs,” he said.
“Economic security is national security,” he added. “The Covid pandemic exposed vulnerabilities in our supply chain and the risk of relying on other countries for critical manufacturing. Tariffs can increase our industrial capacity and strengthen our national security by reshoring supply. They can also raise substantial revenue.”
The second step is making the Tax Cuts and Jobs Act of 2017 permanent, plus adopting President Trump’s new tax priorities, such as no tax on tips, overtime and Social Security.
“Trump’s tax reforms will improve the quality of life for Americans harmed by reckless trade policies,” Bessent said. “Advancing these reforms and making the 2017 tax cuts permanent will provide individuals and businesses with certainty and build economic momentum.”
The third step is deregulation, which will allow America to build everything from homes to factories, power plants, data centers, and more.
Energy dominance is a key part of the administration’s deregulation agenda, he added.
“Critics of the Trump economic agenda attack individual policies in isolation,” Bessent said. “This cherry-picking tactic ignores how these policies are interconnected. Trade, tax cuts and deregulation aren’t stand-alone measures but interlocking parts of an engine designed to drive economic growth and domestic manufacturing.”
Touting the last two jobs reports, Bessent said the “engine is already starting.”
“The American people should expect to hear the engine humming during the second half of 2025,” he said. “With all pistons moving, we’ll see more jobs, more manufacturing, more growth, a more robust national defense, higher wages, lower taxes, less-burdensome regulation, cheaper energy, less national debt and less dependence on China—all while maintaining a strong dollar.
“This is how we restore the working class, re-establish the U.S. as an industrial powerhouse, and right the wrongs of lopsided trade policies,” Bessent continued. “This is how we pave the way for Wall Street’s next 40-year run while making sure Main Street runs alongside it. This is how we make America great again for all Americans.”