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U.S. Treasury Secretary Basant: Trump's tariff policy aims to revitalize American manufacturing.
On August 11, U.S. Treasury Secretary Besant stated in an interview with Nikkei News that President Trump's tariff policy aims to bring manufacturing back to the United States. In evaluating the effects of his economic policies since Trump took office, Besant remarked, "Trump's economic policy is like a 'three-legged stool'—taxation, trade, and deregulation. In terms of taxation, we completed the 'Big and Beautiful Act' at a record pace, which was signed into effect on July 4. Regarding trade, I believe we can basically complete the relevant work by the end of October. As for deregulation, this is an ongoing effort, and (President Trump) has made it clear that for every new regulation introduced, ten old regulations must be eliminated."
Besant stated that the main reason for the shift in trade policy towards tariffs is the rebalancing (of the current account deficit). He said, "Over time, tariffs should be like a melting ice cube. If production returns to the United States, then our imports will decrease."