U.S. Tariff Policy Aims to Revitalize Domestic Manufacturing, Says Treasury Secretary

According to BlockBeats, U.S. Treasury Secretary Besent stated in an interview with Nikkei News that U.S. President Donald Trump's tariff policy is designed to bring manufacturing back to the United States. Evaluating the economic policies since Trump took office, Besent described them as a 'three-legged stool' consisting of tax, trade, and deregulation. Besent highlighted that the tax aspect was addressed with the rapid completion of the 'Great and Beautiful Act,' which was signed into law on July 4. Regarding trade, he anticipates that related work will be largely completed by the end of October. As for deregulation, it is an ongoing effort, with President Trump having clearly mandated that for every new regulation introduced, ten old ones must be eliminated. The shift towards tariff policy in trade is primarily aimed at rebalancing the current account deficit, Besent explained. He noted that over time, tariffs should act like a melting ice block, reducing imports as production returns to the U.S.