US manufacturing roaring back, says Scott Bessent

Washington, Sep 10 (IANS) US Treasury Secretary Scott Bessent has declared that American manufacturing is “roaring back”, presenting President Donald Trump’s economic agenda as a combination of tax cuts, trade deals and deregulation that is driving new investment and job creation.

“US manufacturing is roaring back, roaring back at its fastest pace in years,” Bessent told a Republican National Committee gathering in Dallas. “Companies are investing trillions to build and expand across the United States.”

Bessent said lower-income Americans were benefiting from the administration’s policies.

“And just like in President Trump’s first term, the bottom 25 per cent of earners are seeing the biggest wage increases,” he said. “President Trump has turned this country around once before, and he’s doing it again.”

The Treasury secretary said Trump’s economic approach extended beyond tax reductions.

“The President’s plan was never just a tax cut, never just a tax cut,” Bessent said. “His economic program is bolstered by trade deals and deregulation.”

He described what he called “a new industrial super cycle” that was shifting from promised investment to actual production.

“Everything from GDP to factory payrolls is firing up,” Bessent said.

The Treasury secretary contrasted the administration’s record with that of former President Joe Biden. He accused Democrats of presiding over high inflation, weakened border enforcement, factory closures and increased regulation.

“Inflation soared to a 40-year high,” Bessent said. “Domestic energy became harder to produce. Everyday life became more expensive, and businesses on Main Street became burdened with red tape and overregulation.”

Bessent alleged that the Democratic Party is increasingly influenced by the political left. He warned that it would reverse Trump’s policies if returned to power.

“They’ll claim to tax the rich while they raid the pockets of the middle class,” he said. “They’ll defund law enforcement, undermine election integrity, slice open our borders and let criminals roam free.”

He framed the coming election as a choice over trade, immigration, government spending and the direction of the US economy.

“I see before me a movement that has never been more united or more determined to ensure we don’t go back to the unfair trade of, or unfettered immigration,” Bessent said.

He also rejected what he described as “a global order that prioritises cheap labour over a strong American workforce”.

Bessent, a former hedge fund manager, serves as Trump’s Treasury secretary and is one of the administration’s leading public advocates for its economic programme. The Treasury Department plays a central role in tax, sanctions, debt and international economic policy.

–IANS

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