US Treasury Secretary Scott Bessent told CNBC that the Trump administration is committed to reducing America’s debt burden while pushing forward a growth-oriented agenda.
“We intend to bring the debt-to-GDP ratio down,” Bessent stated, highlighting fiscal prudence as a renewed focus of the administration.
The comment comes amid mounting concerns over the United States’ rising public debt, which has global implications for currency stability and interest rates.
Bessent outlined US President Donald Trump’s economic strategy, which rests on three pillars: International trade, tax reform, and deregulation.
He emphasised that substantial deregulation in key sectors is expected to fuel non-inflationary growth, a message likely aimed at reassuring investors wary of overheating in the US economy.
On trade, Bessent said Americans can expect significant movement in the near term. “We are going to have several trade announcements in 48 hours,” he told CNBC, without providing specific details.
While details remain under wraps, the developments could influence the trajectory of US trade relations in Asia, including India.
“Trump is concerned about the quality of deals and not the quantity,” Bessent added, signalling a selective and strategic approach to international agreements.
This latest missive from the Trump team comes as it struggles to seal trade deals. As per Bessent, around 100 partners are likely to see a minimum “reciprocal” rate of 10% next week, adding that he expects a “flurry” of deals to materialise before the deadline.
ALSO READ | ‘Tariffs not in anyone’s interest’: China pushes back on Trump’s ‘ADDITIONAL 10%’ threat to BRICS
Trump said last week he would start sending out letters to countries to notify them of the tariff rates they will face on exports to the US, to go into effect on August 1. He said duties could go as high as 70%.
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First Published: Jul 7, 2025 6:53 PM IS
