Treasury Secretary Bessent Shapes US Economic and Foreign Policy Podcast By cover art

Treasury Secretary Bessent Shapes US Economic and Foreign Policy

Treasury Secretary Bessent Shapes US Economic and Foreign Policy

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 Over the last several days, Treasury Secretary Scott Bessent has made headlines with a series of moves shaping both United States economic policy and international trade relations. On July ninth, Bessent announced that the US is on track to collect more than three hundred billion dollars in tariffs this year. He referenced a Congressional Budget Office report that estimated tariff collections at two point eight trillion dollars over the next decade. However, Bessent stated that these agency estimates are likely too low. According to the Monday Daily Treasury Statement, one hundred twenty four billion dollars in customs duties had already been collected this fiscal year. This jump in revenue is linked to the new ten percent universal tariffs and recently introduced reciprocal tariffs targeting countries that maintain barriers against American products. President Trump initially imposed a ninety day pause on these tariffs, but extended the deadline to August first. In his latest executive order, Trump made it clear there would be no further extensions beyond that date. Countries that do not reach a deal with the US by then will receive letters confirming they will be subject to tariffs as high as forty percent, a move expected to further boost customs collections. Bessent stated that negotiations continue with eighteen critical trading partners, which cover most of America’s trade deficit, and suggested several major trade announcements are likely in the coming days.

Bessent has also focused on global security issues. On July ninth, the Treasury took decisive action against Iran’s illicit financial networks by designating twenty two entities across Hong Kong, the United Arab Emirates, and Turkey for their roles in facilitating Iranian oil sales that benefit the Islamic Revolutionary Guard Corps Qods Force. Bessent emphasized that Iran relies on shadow banking systems to offset US sanctions, enabling the regime to fund nuclear ambitions and regional proxies. Treasury’s actions are the second wave of sanctions this summer targeting Iran’s covert financial structure.

On the diplomatic front, Scott Bessent has been selected to lead the United States delegation to the World Expo in Osaka, Japan, scheduled for July nineteenth, according to a White House announcement. This high-profile international event offers opportunities for economic dialogue with key Pacific partners. In recent days, Bessent also met with King Abdullah of Jordan at the Sun Valley Conference, further underscoring the Treasury Secretary’s active role in shaping US foreign policy.

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