Treasury Secretary Scott Bessent noted during a private investor event that he expects the extension of President Trump’s 2017 tax cuts to be finalized by July 4. This follows a period of heightened trade tensions and an International Monetary Fund growth downgrade. Bessent emphasized that the administration, following the tax legislation, will pivot to deregulation efforts, indicating trade as just one aspect of a broader economic agenda. He expressed optimism that tax legislation could be passed by Memorial Day, allowing for a more concentrated focus on stimulating economic growth thereafter.
Treasury Secretary Scott Bessent expressed optimism that the extension of President Trump's tax cuts could be secured by July 4, emphasizing a significant economic shift.
Mr. Bessent highlighted the administration's plans to transition from trade negotiations to broader economic strategies, asserting that trade represents merely one facet of a multifaceted agenda.
During his remarks, Bessent conveyed an expectation that the House could finalize tax legislation by Memorial Day, creating a pathway to focus on deregulation thereafter.
He noted that while tariffs have posed challenges, resolutions in trade negotiations would renew focus on the administration's economic priorities, boosting overall growth.
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