Bessent Defends Trump's Economic Policies at Hearing

During his confirmation hearing, Treasury Secretary nominee Scott Bessent defended President-elect Donald Trump's economic policies, including tax cuts and increased tariffs, against concerns from Democrats about potential benefits to the wealthy and worsening income inequality. Bessent emphasized a departure from the Biden administration's policies, including a confrontational stance towards China and abandoning a global tax agreement. He denied the existence of a clean energy 'arms race' with China, highlighting China's plans to build numerous coal and nuclear plants as evidence of an energy, not clean energy, race. Bessent also expressed skepticism about the Inflation Reduction Act, arguing for redirecting funds towards infrastructure. Despite Democratic opposition, Bessent is expected to have a relatively smooth confirmation process, supported by Republican senators who praise his financial expertise. Critics like Senator Ron Wyden argue that the Trump administration’s policies could harm working Americans while benefiting China.