Washington D.C. - Treasury Secretary Scott Bessent addressed concerns about the administration's economic policies on Wednesday, clarifying that the focus extends beyond 'America alone.' While committed to actively participating in global financial institutions, Bessent reiterated the administration's priority in tackling significant trade deficits.
Chief among these concerns is the trade imbalance with China. Bessent characterized China's current economic model as 'unsustainable,' hinting at potential policy adjustments to address the disparity. He emphasized that resolving these trade imbalances is crucial for fostering a more stable and equitable global economic landscape.
'Our goal is not to isolate ourselves, but to ensure fair trade practices that benefit all nations involved,' Bessent stated during a press briefing. He further explained that the administration intends to work closely with international partners to achieve sustainable economic growth and address shared challenges.
The Secretary's remarks come amid ongoing discussions about the future of global trade agreements and the role of international cooperation in addressing economic imbalances. Observers are closely watching how the administration's policies will impact the global economy and the relationship between the United States and its trading partners, particularly China.
Treasury Focuses on Trade Deficits, Seeks Global Cooperation
Treasury Secretary Bessent emphasized the administration's commitment to addressing trade imbalances, particularly with China, while also stressing the importance of global financial collaboration. Bessent stated that the economic plan isn't solely for the benefit of the United States, but aims for sustainable global economic growth. He highlighted the need for international cooperation to address shared economic challenges. The Secretary believes that resolving trade deficits is crucial for long-term stability.
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