Treasury Secretary Scott Bessent elaborated on the implementation and impact of what he described as the “three-legged stool,” which includes trade, tariff negotiations, and deregulation, during a recent investor conference. Speaking at the Milken Institute Global Conference, Bessent asserted that President Donald Trump’s policies are expected to drive economic growth.
At the conference, Bessent participated in a question-and-answer session with Chairman Michael Milken. He highlighted the progress made by the administration during the initial months following the inauguration. Bessent remarked that the past 100 days have involved preparing the groundwork for what he termed a “golden age economy.” This preparation included eliminating government inefficiencies and harmful regulations, fostering private investments, and introducing new tax legislation.
Bessent emphasized the United States’ position as a leader in global finance, highlighting its status as the holder of the world’s reserve currency and as home to the deepest and most liquid capital markets. He mentioned the administration’s aspirations to expand economic opportunities across various sectors, including technology and traditional industries like steelmaking.
The treasury secretary noted the administration’s efforts to ensure that both innovators and workers in established industries can thrive, advocating for opportunities that allow children of steelworkers to become entrepreneurs in places like Silicon Valley, or to sustain their families’ legacy in traditional industries.
Bessent also addressed the administration’s push for congressional approval of a new tax package aimed at extending expiring policies and building on the 2017 tax law. This initiative is intended to benefit small businesses and promote the construction of manufacturing facilities as well as energy development.
Bessent outlined plans to make the small business deduction permanent and to introduce tax credits and deductions for research and innovation, thereby encouraging investment in high-tech operations. Additionally, he mentioned the restoration of 100% expensing for equipment and expanded incentives for new factory construction. This approach forms part of an ambitious deregulatory agenda that includes comprehensive permitting reform, with a focus on encouraging both energy development and construction.
