Treasury Secretary Payet says that the American dream is not related to “access to cheap goods”

Treasury Secretary Scott Payette on Thursday presented a full defense of the White House website on definitions, and insisted that commercial policy should be more than just obtaining low prices from other countries.

“Reaching cheap goods is not the essence of the American dream,” Pesin said during a speech at the New York Economic Club. “The American dream is rooted in the concept that any citizen can achieve prosperity, upward movement and economic security. For a long time, this is the designers of this multilateral commercial deals.”

These notes came with markets on the brink of the abyss around the extent that President Donald Trump will make in an attempt to achieve his goals in global trade. The shares decreased sharply on Thursday Despite the news about some movement from the administration about Mexican imports.

In a speech to a crowd of prominent economists, Bessent indicated that Trump is ready to take strong measures to achieve his commercial goals.

“To the extent that the practices of another country harm our economy and people, the United States will respond. This is America’s first trade policy,” he said.

Earlier in the day, Trade Department data It confirmed what extent the United States has fallen behind its global trading partners. The defect was swollen to $ 131.4 billion in January, an increase of 34 % over the previous month and nearly twice over last year.

“This system is not sustainable,” Pesen said.

Economists and participants in the market fear this Trump’s tariff It will raise prices and slow growth. However, White House officials note that the customs tariff did not do much to inflate inflation during the first period of Trump, as they described the growth capabilities from the re -preparation as companies are looking to avoid paying duties.

“Through a continuous series, I am not concerned about inflation,” said Pesin. He added that Trump considers the customs tariff three benefits: as a source of revenues with the United States, which runs a tremendous financial deficit, as a way to protect industries and workers from unfair practices around the world, and “the third station to stool” as Trump also uses “to negotiate.”

Larry Kudlo hosted on Thursday, the President of the National Economic Council, during the first period of Trump.

In addition to discussing the definitions, the two spoke about the cancellation of standard restrictions as well as arduous debts and deficit deficit faced by the government. The budget is already 840 billion dollars in the hole During the first four months of the fiscal year 2025, the deficit exceeds 6 % as a share of gross domestic product, which is almost unknown in an expansionist economy at the time of peace.

“This is the last tape and a barbecue to accomplish this,” Pesin said about the imposition of financial discipline. “Everyone knows what they should do. It is, do they have the power of will to do this?”

BESSENT also called for a deep examination of banking regulations, especially for smaller institutions, which he said was burdened with rules that do not help safety.

When Bessent spoke, the stocks added to the losses in what was a difficult week for Wall Street.

“The Wall Street has done a great job, Wall Street can continue well. But this administration revolves around the main street,” he said.