Treasury Secretary Scott Bessent defended what he called President Trump’s “economic rebalancing” in an opinion piece released Sunday amid growing concerns regarding his handling of the economy.
In The Wall Street Journal, Bessent said that the president “wants to ensure working families aren’t left behind in the next era of economic growth — as many were in the last.”
“In the first 100 days of his presidency, we have laid the groundwork to rebalance global trade, restore America’s industrial base, and build an economy that allows Wall Street and Main Street to rise together. To understand the urgency of this economic rebalancing, it’s critical to understand why it is necessary in the first place,” he said.
In the first months of his second term, Trump’s economic policies have been called into question, especially surrounding his employment of tariffs. The president’s tariff moves have rattled global markets, increased economic anxiety and strained relationships with longtime American allies including Canada and the European Union.
On Wednesday, the Commerce Department said the economy shrank in the first quarter, the first quarterly reduction in years.
“Critics of the Trump economic agenda attack individual policies in isolation. This cherry-picking tactic ignores how these policies are interconnected. Trade, tax cuts and deregulation aren’t stand-alone measures but interlocking parts of an engine designed to drive economic growth and domestic manufacturing,” Bessent wrote.
“The American people should expect to hear the engine humming during the second half of 2025. With all pistons moving, we’ll see more jobs, more manufacturing, more growth, a more robust national defense, higher wages, lower taxes, less-burdensome regulation, cheaper energy, less national debt and less dependence on China — all while maintaining a strong dollar,” he added.
New Canadian Prime Minister Mark Carney, who has heavily criticized the U.S.’s trade policy in recent months, said Friday that he is set to travel to the White House on Tuesday to meet with Trump.
“There will be zigs and zags, ups and downs. But as I said in my remarks, I will fight for the best deal for Canada and only accept the best deal for Canada and take as much time as necessary,” Carney said at a press conference at the end of the week.
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