ICYMI: Treasury's Week-in-Review

U.S. Department of the Treasury sent this bulletin at 05/02/2025 03:15 PM EDT

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U.S. Department of the Treasury

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Press Release:             FOR IMMEDIATE RELEASE

May 2, 2025

 

Contact:                      press@treasury.gov

ICYMI: Treasury's Week-in-Review

Treasury News Roundup

 

Secretary’s Interview Roundup

FOLLOW: @SecScottBessent for more

 

Deputy Secretary’s Interview Roundup

FOLLOW: @TreasuryDepSec for more

 

Secretary Bessent Select Quotes:

ABC’s ‘This Week’

  • Right now, the U.S. has a bar bell economy. We have a very advanced financial system. We have tech that is the envy in the world. On the other side we are a natural resource economy led by energy, which the previous administration tried to stifle, and in between is where working class Americans have lost out. We want to bring back these manufacturing jobs or create these manufacturing jobs of the future, and we are meeting with companies that want to do this every day.
  • Take off your tariffs, take off your non-tariff trade barriers, stop manipulating your currency, stop subsidizing labor and capital- and then we can talk.

 

Fox News’s ‘FOX and Friends’

  • It's all the President, especially on the 18 important trading partners. We're doing bespoke deals, and he's going to be intimately involved in everyone. Two weeks ago, when we had the Japanese delegation come in, he started it in the Oval... he laid the groundwork, told them personally how important the relationship was, but also how important a fair deal for the American people is."
  • We have a three-legged stool here, it is trade, tax, deregulation. President Trump has come out of the block roaring; this is something new for American people- One, two press conferences per day and an incredible level of transparency. Contrast with the previous administration, where the president...we’re not sure who was running policy... likely not President Biden, and we are moving forward for the American people. It is very exciting. We’ll continue to make the U.S. Best destination for capital in the world.

 

CNBC’s 'Squawk Box'

  • I agree with President Trump. I don't blame it on these countries. I blame it on the past administrations, and it's going to be a big victory when we make progress in getting these tariffs, non-tariff trade barriers, currency manipulation, state subsidies of labor, and industry off.
  • What this administration is committed to is keeping the U.S. the best place in the world for capital to arrive, and we are doing that. We're going to have tax certainty we are going to not be taken advantage of in trade anymore and we are going to deregulate the largest economy in the world.

 

Secretary Bessent joins White House Press Conference

  • We’ll take in long-term tariff revenue, put a process in place, we have 18 important trading relationships, we will be speaking to all of those partners or 17 of them over next few weeks. Many have come to Washington. What President Trump is referring to is the ability for tariff revenue to give income tax relief and I think there is a good chance we will see this in the upcoming tax bill. The president campaigned on no tax on tips, no tax on social security, no tax on overtime and restoring interest deductibility for autos for American-made autos. Tariff income could be used for tax relief on those immediately.
  • Bringing down the terrible Biden inflation has been a priority for the first 100 days of the Trump administration and President Trump has done a great job of leading that since January 20. Interest rates, mortgage rates are down, gasoline and energy prices are down, we’re expecting further decreases and as Karoline Leavitt said, big tax on consumers is deregulation or regulation and we are de deregulating and bringing that down. From a household income point of view, we would expect real purchasing increases, we’ve seen over first 100 days and expect that to accelerate. We are doing piece deals, trade deals, tax deals and deregulating. Deregulation is a longer lead time but I think by third and fourth quarter that is going to kick in.

 

Fox Business’s ‘Kudlow’

  • I think what we’ve really done here is deals. We’ve worked on deals. There’s a peace deal, there’s a trade deal, there’s a tax deal, and the first 100 days has set the table, and the next 100 days we’re going to see the fruition of all those.
  • The Tariffs are unsustainable on the Chinese side. We have a deficit with them. Surplus country always suffers more. They sell us roughly five times more than we sell them.

 

Fox News’s ‘Hannity’

  • This is President Trump’s deal. We’ve done trade deals, tax deals, and now we’ve got this Ukrainian Economic partnership deal, and it’s win win.
  • It’s a win win. It is a way to show that there is no daylight between Ukraine and the U.S as President Trump presses to end this horrible war. He wants both sides to come to the table. Now, by showing that the U.S. has an economic interest in Ukraine, it’s a signal to the Russian leadership.

 

Fox Business’s ‘Mornings with Maria’

  • But I think that this is win-win for both sides and it's very innovative. The easy thing to do would have been to give the Ukrainians more loans, pile on more debt, tax the American people more and lose the support of the American people. Here, the Ukrainians can see a path to economic prosperity once this conflict ends and the U.S. businesses, U.S. best practices, U.S. capital will be part of that.
  • The American people don't make any money if the Ukrainians don't prosper so now we're fully aligned in terms of economics and again, I think this is a strong signal to the Russian leadership and it gives president trump the ability to now negotiate with Russia on even a stronger basis as opposed to the daylight that had been previously created between the U.S. and Ukraine.

 

Deputy Secretary Faulkender Select Quotes:

Fox Business’s ‘The Evening Edit’

  • This president recognizes that the way to rebuild industrial base in this country is not by a massive amount of government spending, but it’s by creating the economic conditions such that private companies want to invest here in the United States. So whether it’s the deregulatory agenda of making it easier for businesses to operate here in the United States, or it’s extending pro-growth tax reform and putting in place some of the new pro-growth tax components that the secretary was talking about, we want to create an environment where there’s no place in the world that companies would rather invest than here in the United States and as your report showed in the first hundred days of this administration, we have been able to attract more capital to come invest in the United States than the entirety of the four years of the Biden Administration.
  • This administration has been focused the entire hundred days not just on rebalancing our trade arrangements, not just on the deregulatory components, but we have been working very closely with Congress in both the house and the Senate in order to push forward the process so we can employee tend the president’s pro-growth tax reform and expand some of those components in order to improve incentives for people in the labor force

 

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