President Trump's Policies are Rebalancing Global Economy

Global Economy: The United States has made significant progress in rebalancing the global economy, said Treasury Secretary Scott Bessent in recent Senate testimony.

The United States has made significant progress in rebalancing the global economy, said Treasury Secretary Scott Bessent in recent Senate testimony.

Indeed, in May, President Donald Trump announced the historic US-UK trade deal. “This arrangement, which creates a $5 billion export opportunity for American ranchers, farmers, and manufacturers, is a preview of what’s to come,” Secretary Bessent said. Dozens of countries have engaged with the United States with offers to improve their trade relations with the United States. This includes China.

Secretary Bessent has been part of the trade negotiations with the Chinese delegation in London. “I am confident these negotiations will bring balance to the economic relationship between our two economies,” he stated.

“China has a singular opportunity to stabilize its economy by shifting away from excess production towards greater consumption,” said Secretary Bessent. “But the country needs to be a reliable partner in trade negotiations,” he cautioned. “If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva - and I believe after our talks in London they will - then a rebalancing of the world’s two largest economies is possible.”

China is the most imbalanced economy in the history of the world, noted Secretary Bessent, and this is not sustainable, he added. “We are looking to insert fairness into our relationship with the Chinese,” Secretary Bessent said:

“We're down to about nine percent of the U.S. workforce involved in manufacturing. The Chinese economy is imbalanced on the manufacturing side. They need to increase domestic consumption substantially. So, if we could do that together, then the two largest economies in the world could get into better equilibrium that's fair for the American people.”

“By challenging the decades-old status quo on tax and trade, President Trump is breathing new life into the American economy,” declared Secretary Bessent. “More than 500,000 private-sector payroll jobs have been added since January. Most importantly, inflation in the U.S. is at its slowest pace since 2021 on decelerating cost increases for shelter, food, and energy,” he noted.

President Trump’s bold leadership on these issues has laid the foundation for a Golden Age economy, said Secretary Bessent. The goal is to build on that foundation to create even greater prosperity and abundance for the American people. VOA/SP