Treasury Secretary Scott Bessent delivered a keynote address to the American Bankers Association, saying that the Trump administration is focusing on Main Street, not Wall Street, to restore the American Dream.
Treasury Secretary Scott Bessent said that despite the success of Wall Street in recent years, the Trump administration believes it is Main Street’s turn to lead the economy.
Bessent said the Trump administration will focus the next four years on Main Street and restoring the American Dream in remarks during a keynote address to the American Bankers Association in Washington, D.C., on Wednesday.
“For the last four decades, basically since I began my career in Wall Street, Wall Street has grown wealthier than ever before, and it can continue to grow and do well, but for the next four years, the Trump agenda is focused on Main Street,” Bessent said. “It’s Main Street’s turn, it’s Main Street’s turn to hire workers, it’s Main Street’s turn to drive investment and it’s Main Street’s turn to restore the American dream.”
Bessent said the Trump administration will continue to aim to give all banks the chance to succeed, “whether it’s JPMorgan or your local mortgage and loan,” by working to ease the bureaucracy that stops Americans from getting the capital they need.
BESSENT WARNS CHINA ON CURRENCY MOVES, SAYS BOND MARKET ‘DELEVERAGING’ ISN’T SYSTEMIC ISSUE
Treasury Secretary Scott Bessent spoke at the American Bankers Association’s Washington Summit at the Walter E. Washington Convention Center in Washington, D.C., on Wednesday. (Kayla Bartkowski/Getty Images / Getty Images)
Wall Street has seen ups and downs in recent weeks as President Donald Trump launched tariffs against U.S. trading partners that have roiled the U.S. stock market.
Treasury Secretary Scott Bessent responds to China imposing 84% tariffs on U.S. goods, the state of the Chinese economy and a potential backup plan for corporate America seemingly ‘shutting down’ in light of tariffs.
CHINA TO INCREASE TARIFFS ON US IMPORTS FROM 34% TO 84%
Trump’s tariffs went into effect shortly after midnight Wednesday. They included a 104% tariff on products from China, 20% on the European Union, 24% on Japan and 25% on South Korea.
Sen. Bill Hagerty, R-Tenn., gives an update on the reconciliation process, trade negotiations between the U.S. and Japan as well as China’s retaliatory tariffs.
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In retaliation, China on Wednesday announced that it will now tax American goods at 84%. The European Union also announced new tariffs on $23 billion in U.S. goods.
