U.S. Treasury nominee Bessent says tariffs will target unfair trade by China and others
Published: 17 Jan. 2025, 11:04
![Scott Bessent, U.S. President-elect Donald Trump's nominee to be secretary of treasury, speaks as he testifies during a Senate Committee on Finance confirmation hearing on Capitol Hill in Washington, U.S., Jan.16. [REUTERS]](https://koreajoongangdaily.joins.com/data/photo/2025/01/17/7925c723-4307-48ef-8aa7-f85f9560160d.jpg)
Scott Bessent, U.S. President-elect Donald Trump's nominee to be secretary of treasury, speaks as he testifies during a Senate Committee on Finance confirmation hearing on Capitol Hill in Washington, U.S., Jan.16. [REUTERS]
U.S. Treasury Secretary nominee Scott Bessent said Thursday that under the incoming Trump administration, tariffs will be used for remedying unfair trade practices by China and other countries as well as for negotiations.
During his confirmation hearing at the Senate Committee on Finance, Bessent, the founder of Key Square Group, a global investment firm, made the remarks, as Korea and other U.S. partners are pondering ways to navigate through incoming President Donald Trump's plans to impose new tariffs on foreign goods.
During his election campaign, Trump said he would slap blanket tariffs of 10 to 20 percent on all imports, and threatened to slap tariffs of up to 60 percent on Chinese goods, as he hammered away at his America First agenda that some say smacks of isolationism and protectionism.
"The American people should think about tariffs in three ways. Under the Trump administration, one will be for remedying unfair trade practices either by industry or country," Bessent said.
"Two ... maybe for a more generalized tariff as a revenue raiser for the federal budget and three, President Trump, I think, has added a third use of tariffs as a skilled negotiator," he added.
He noted that sanctions have apparently been overused, and that sanctions may be driving countries out of using the U.S. dollar.
"So tariffs can be used for negotiations, whether it's for Mexico on the fentanyl crisis," he said.
Bessent underscored that to rebuild America's economy and lay the foundation for the next generation of American competitiveness, the United States must use "all tools available" to better serve the interests of working Americans.
He pointed out that "for too long," the United States has allowed "unfair distortions" in the international trading system.
"President Trump was the first president in modern times to recognize the need to change our trade policy and stand up for American workers," he said. "If confirmed, I look forward to working with President Trump and members of this committee to do just that.
In November, Trump nominated Bessent, describing the hedge fund mogul as a "strong" advocate of his America First agenda and vowing to usher in a "new golden age" for the United States.
Bessent has been in the investment management business for over 35 years. He is a member of the French Huguenot Church of Charleston, where his family were founding members in the 1680s.
In 1984, he graduated from Yale University with a Bachelor of Arts in political science. He served as an adjunct professor of economic history at Yale from 2006 to 2011.
Yonhap
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)