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Trump Treasury Sec. Scott Bessent Strikes Competent, Combative Tone in Major Economic Address From New York.

 Treasury Secretary Scott Bessent delivered a significant speech at the Economic Club of New York, addressing various economic challenges and policies under the Trump Administration.

1. Setting and Audience:

• The event took place at the Ziegfeld Ballroom in New York.

• Bessent spoke to a historically nonpartisan audience of 790 members from the Economic Club.

2. Main Themes:

• Bessent aimed to reassure the audience amidst global economic uncertainty, including tariff disputes and the need for economic revitalization.

3. "America First" Economic Agenda:

• Emphasized three main pillars:

• Reversing Financial Regulatory Overreach: A commitment to empower community banks for job and wealth growth.

• International Economic System: Critiqued the sustainability of current trade dynamics, especially concerning cheap goods and economic ambitions of the U. S.

• Sanctions Regimen: Criticized the Biden Administration's sanctions on countries like Russia and Iran and discussed future strategies to counter economic threats.

4. Critique of Current Administration:

• Bessent criticized the Biden Administration's approach to sanctions on Russia and noted the lack of strong penalties that could have impacted the country's military financing.

• He dismissed the belief that free trade with China would lead to a more democratic nation, arguing that China has become more authoritarian instead.

5. Congressional Budget Office (CBO) Analysis:

• Bessent pointed out the flaws in the CBO's fiscal scoring, asserting it does not reflect economic realities adequately.

6. Focus on Iran:

• He discussed plans to cut off Iran’s access to international financial systems and revamp sanctions to cripple its economy.

Bessent's speech was strategically composed to highlight his competence and provide assurance to economic stakeholders, balancing assertive policy proposals with a means to maintain economic stability. The speech reflected an alignment with Trump’s broader economic objectives while showcasing Bessent's leadership style. 

https://raheemkassam.substack.com/p/exc-trump-treasury-sec-scott-bessent?utm_source=post-email-title&publication_id=701641&post_id=158549339&utm_campaign=email-post-title&isFreemail=true&r=1mr4m3&triedRedirect=true&utm_medium=email

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