Treasury Secretary Scott Becent on Monday urged Skytish global business leaders to ignore President Trump's economic opponents, strengthen investment in the United States, and defend an economic agenda that warns economists to slow economic growth and worsen inflation.
Speaking to executives, entrepreneurs and policymakers, Bescent argued that the Trump administration's economic plan goes beyond trade policy and will pay off in the long run. He also urged him to focus on Trump's plan to cut taxes and regulations.
“Taxes are designed to encourage businesses like you to invest directly in the United States,” Becent said in a statement at the Milken Institute Global Conference in Los Angeles. “You're happy that you've done, not only because we have the most productive labor in the world, but because we have the most favorable tax and regulatory environment right away.”
His comments came hours after Trump ordered new tariffs on foreign film producers. This is a decision that has confusing many people in Hollywood about how such taxes work.
The Treasury Secretary has worked to ease concerns among investors that Trump's trade plans will destabilize the global economy. Last month, the president imposed tariffs in countries around the world, expanding his trade battle with China, causing financial markets to plummet.
Since then, Becent has been competing to negotiate trade deals with dozens of countries. He also shows that China's tariffs are not sustainable and hopes that Trump will soon begin negotiations to lower them.
“Our goal with regard to trade policy is to level the arenas of America's great workers and businesses,” Becent said.
The Trump administration is working closely with Congressional Republicans on tax laws that extend the 2017 tax cuts and provide new tax credits for overtime salaries, tips and Social Security benefits. Becent on Monday argued that a broader agenda should be considered when considering where to park their money.
Describing Trump's policies as “multiple strengthening,” Becent said, “we will act in concert and cement its position as the home of the world's capital, towards the same goal.”
Investors have been increasingly wary of Trump's policies over the past few months, with stocks, bonds and the dollar all showing signs of weakness as they are based on the uncertainty surrounding Trump's policy-making approach.
Last month, the International Monetary Fund predicted that global production slowed from 3.3% in 2024 to 2.8% this year, significantly downgrading the outlook for the US economy.
On Monday, Bescent said Trump would prove “critics of the founding circle” wrong.
“We have the world's reserve currency, the deepest, most liquid markets, and the strongest property rights,” Becent said. “For these reasons, the United States is the premier destination of international capital.”
