Treasurys Scott Bessent says access to cheap goods is not the American dream

Treasury Secretary Scott Bessent staunchly defended President Trump’s tariffs on Thursday, arguing that trade policy should focus less on getting the lowest possible prices and more on putting America first.“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.”Stiff tariffs implemented earlier this week — and since halted — on Canada and Mexico, and a heightened levy on China, have spooked investors as economists warn the restrictive policies could reheat inflation. Stocks plunged 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.He spoke before news broke that the pause would apply to Canada, as well.“To the extent that another country’s practices harm our own economy and people, the United States will respond,” Bessent said.

“This is the America First Trade Policy.”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 US 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 sanc...