Scott Bessent predicts Trump's policies will strengthen US economy

At the Milken Institute Global Conference in Los Angeles, US Treasury Secretary Scott Bessent defended the President's economic policies. Bessent described Trump's approach as a comprehensive strategy designed to stimulate long-term investment in the American economy.

Bessent stated that US financial markets possess sufficient resilience to weather any short-term volatility. The official also emphasized the significance of the Republican-led tax bill currently under consideration in Congress. This initiative would permanently extend many tax cut provisions originally implemented during Trump's first presidential term.

Bessent emphasized that these policies will generate new jobs, spur construction of manufacturing facilities, and enhance national economic security. He projected that Trump's economic measures could push US GDP growth to 3% next year. This would help reduce the federal budget deficit, the official added.