US Treasury Secretary nominee Scott Bessent said Thursday during a Senate hearing that President-elect Donald Trump's economic agenda will help usher in a "new economic golden age" in the United States.
"I believe President Trump has the opportunity to usher in a new economic golden age that will create jobs, wealth and prosperity for all Americans," Bessent said during a hearing before the Senate Finance Committee.
The Republican candidate, who won the presidential election on November 5, plans to continue and even strengthen the tax cuts that were voted on during his first term and are set to expire in 2027.
He plans to impose tariffs ranging from 10% to 20% on all products entering the United States, and up to 60% to 100% on products imported from China.
In recent weeks, he has also announced his intention to impose a 25% tariff on products imported from Mexico and Canada, both parties to the United States-Mexico-Canada Agreement (USMCA) negotiated and signed during his first term.
Another goal is to reduce federal spending, with the deficit expected to exceed 7% of GDP this year.
Trump has also announced his desire to review support for renewable energy and some provisions of the Inflation Reduction Act (IRA), outgoing President Joe Biden’s green plan.
“The federal government has a big spending problem,” Bessent said in his opening remarks at the hearing.
“We have to get in order and adjust domestic spending, which has increased by more than 40% over the past four years,” he added.
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