by WorldTribune Staff / 247 Real News March 7, 2025
U.S. trade policy should focus less on getting the lowest possible prices and more on putting America first, Treasury Secretary Scott Bessent said on Thursday in defending President Donald Trump’s tariffs.
“Access to cheap goods is not the essence of the American dream,” Bessent said during a speech to the Economic Club of New York. “The American Dream is rooted in the concept that any citizen can achieve prosperity, upward mobility, and economic security. For too long, the designers of multilateral trade deals have lost sight of this.”
The stock market took a hit on Thursday despite promises from the White House to put a 30-day pause on taxes for most Mexican goods, later saying the pause also will include most Canadian goods.
“Wall Street’s done great, Wall Street can continue doing well. But this administration is about Main Street,” Bessent said.
Trump noted in a post to Truth Social: “Massive Trade Deficit with the World, just announced, compliments of Sleepy Joe Biden! I will change that!!!
“Believe it or not, despite the terrible job he’s done for Canada, I think that Justin Trudeau is using the Tariff problem, which he has largely caused, in order to run again for Prime Minister. So much fun to watch!
“The head of the United Autoworkers of America just stated that TARIFFS ARE NECESSARY to correct years of abuse of the USA by other countries and companies. We have lost 90,000 factories and plants since the beginning of NAFTA. HE IS 100% CORRECT!!!”
Data released by the Commerce Department on Thursday showed the U.S. trade deficit surged 34% in January from the month before, reaching $131.4 billion as import growth outpaced exports.
The rise in import activity at the start of this year has been attributed by many economists to U.S. companies’ attempt to stockpile products manufactured overseas before Trump’s tariffs took effect.
“This system is not sustainable,” Bessent said, adding that he is “not worried” that tariffs could stoke inflation.
During his State of the Union address on Tuesday, Trump said Americans will have to “bear with” him through an “adjustment period.”
Trump’s tariffs will act as a source of revenue to ease the nation’s fiscal deficits and help protect workers from unfair global trade practices, Bessent said.
“To the extent that another country’s practices harm our own economy and people, the United States will respond. This is the America First Trade Policy,” Bessent said.
Bessent also spoke with Larry Kudlow, Trump’s first-term director of the National Economic Council who hosted the forum, about imposing strict sanctions on Russia to gain leverage for Ukraine.
He said the US will not hesitate to go “all in” on sanctions on Russian energy if it would help clinch a ceasefire deal in the Russia-Ukraine war.
Sanctions on Russia “will be used explicitly and aggressively for immediate maximum impact,” Bessent said.
The U.S. would also increase sanctions on Iran and “shutdown” its oil industry using “pre-determined benchmarks and timelines,” he added.
“Making Iran broke again will mark the beginning of our updated sanctions policy,” he said.
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