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US Treasury Secretary Touts Strong Economic Growth, Tax Cuts, and Deregulation Under Trump

US Treasury Secretary Touts Strong Economic Growth, Tax Cuts, and Deregulation Under Trump

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 US Treasury Secretary Scott Bessent spoke today at a press briefing on the sidelines of the World Economic Forum in Davos, Switzerland. Reuters reports he highlighted President Trumps economic policies driving strong growth, with real growth potentially reaching four to five percent this year, translating to seven or eight percent nominal growth. He noted capital markets are unmatched in depth and breadth, making the United States the top place for capital worldwide.

Bessent emphasized tax certainty from the big beautiful bill passed on July fourth, including no taxes on tips, overtime, or Social Security, plus deductibility for auto loans on American cars. Associated Press coverage details how the Internal Revenue Service delayed withholding guidance, leading to substantial tax refunds of up to one thousand dollars per worker in the first quarter. Workers will then see automatic increases in weekly or monthly paychecks, boosting household finances.

On trade, he dismissed panic over tariffs, saying relations with China are stabilized through President Trumps good ties with party chair Xi. He addressed rumors of European Union and United Kingdom plans to dump US treasuries over Greenland, calling it a false narrative with no real talk among European governments. Fox Business reports Bessent stressed President Trump views Greenland as essential to Western Hemisphere security.

In digital assets, Bessent pointed to the Genius Act for stable coins, passed with bipartisan support, and ongoing clarity legislation. He confirmed the policy to add seized bitcoin, such as from Tornado Cash developers by the Southern District of New York, to a digital asset reserve after damages are addressed. Deregulation efforts have added two point five trillion dollars in lending capacity per Oliver Wyman, fueling an AI and energy boom with capex up dramatically.

Bessent criticized the prior Biden administration for creating an affordability crisis with the biggest inflation in forty nine years, from which Americans still suffer post traumatic stress. He projected policies will accelerate prosperity, with bottom households seeing net worth gains faster than the top ten percent.

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