Treasury Secretary Scott Bessent, speaking in front of a crowd of his one-time peers at the Milken conference, gave no indication that the administration is backing off its tariff policies.
Instead, he stressed to a packed room of attendees, who were hanging on every word, that it was time to invest in the US, tying the tariffs to plans to cut taxes and regulations.
“Trade, tax cuts, and deregulation may be three distinct policies. But each policy is mutually reinforcing, ” he told investors at the Beverly Hills-based conference. “And acting in concert, they push toward the same goal—to solidify our position as the home of global capital.”
He mentioned a bill that would “prevent an enormous tax hike” on Main Street by making the small business deduction permanent, which is being passed around Congress. He said it would also provide tax credits and deductions for research and innovation to stimulate investment in high-tech operations, restore 100% equipment expensing, and expand that incentive to new factory construction.
“The objective? To accelerate investment in American industry,” he said.
Bessent also touted Trump’s executive orders to reduce the red tape for new energy and construction projects.
“It will empower business leaders like you to put your capital to work as quickly and efficiently as possible, he said. “The building renaissance will be fueled by the President’s energy dominance agenda.”
His speech was undoubtedly one of the most anticipated of the packed conference agenda, mostly due to the aggressive tariffs that have roiled global equity and bond markets.
Bessent closed his prepared remarks by saying that throughout history, when the American economy is knocked down, it comes back stronger.
“US markets are antifragile, ” he said. “Indeed, the entirety of our economic history can be distilled in just five words: ‘Up and to the right.” On a long-term horizon, it’s never a bad time to invest in America, but especially now.”
Attendees clamoured to get into the ballroom where the talk was hosted, and at least two dozen people were standing toward the back.
An hour before Bessent was set to speak, a line began to form to get into the ballroom and secure a seat. One person waiting in line told Business Insider their boss asked them to nail down a spot for them. Another person said it felt like “waiting for a rock concert.”
This is a developing story, please check back for updates.