Treasury Secretary Bessent Defends Tariff Plans at Milken Conference

Treasury Secretary Scott Bessent strongly defended President Trump's economic agenda at the Milken Institute Global Conference, asserting that the US economy remains resilient and poised for a 'Golden Age' despite criticism from some financial leaders over the administration's aggressive tariff policies. Bessent emphasized that America's enduring strength stems from its deep capital markets, reserve currency status, and robust property rights, positioning the US as a premier destination for global investment. He argued that Trump's approach—combining trade, tax cuts, and deregulation—should be viewed as an interconnected engine for growth rather than isolated measures. However, industry figures like Apollo Global Management's Marc Rowan and Citi CEO Jane Fraser expressed concerns that high tariffs could harm America's international reputation, dampen business investment, and negatively impact the economy. Bessent is expected to reiterate these themes in upcoming Congressional hearings, where he will face scrutiny over the potential impacts of the administration's trade policies. The ongoing debate highlights a divide between the administration's optimistic outlook and Wall Street's more cautious stance on tariffs and their economic consequences.