Skip to content
Search

Latest Stories

Top Stories

Treasury Secretary Bessent Foreshadows Trade Deals With Major Economic Partners

News

Treasury Secretary Bessent Foreshadows Trade Deals With Major Economic Partners

US Treasury Secretary Scott Bessent talks with Rep. Chuck Edwards, R-NC, after testifying in front of the House Appropriations Committee May 6, 2025.

Athan Yanos/MNS.

WASHINGTON – Treasury Secretary Scott Bessent attempted to reassure Americans about the state of the U.S. economy, despite President Donald Trump’s major economic changes and the instability they have brought to the stock market.

“In the first 100 days of the new administration, we have set the table for a robust economy that allows Main Street to grow with Congress and the White House working hand in hand. We expect to see even more positive results over the next few months,” Bessent told the House Appropriations Committee last week.


However, in Trump’s first 100 days, the stock market dropped more than it did during the first 100 days of any former U.S. president since President Richard Nixon's second term in 1973. Additionally, U.S. Consumer Confidence, which measures U.S. optimism about the economy, dropped to the lowest it had been since the beginning of COVID in 2020.

Rep. Steny Hoyer, D-MD, blamed the president’s policies, particularly his reciprocal tariffs, for the economic troubles. Trump put the tariffs in place on April 2, and then, a week later, paused the tariffs for 90 days for all countries.

“Small business owners and farmers risk going under as they struggle to navigate ever-changing tariffs. Our economy is in chaos, and so I think, is our government,” said Hoyer.

However, Bessent emphasized that the purpose of the tariffs was to reduce trade deficits with 18 major trading partners. Bessent stated that the tariffs will help force these partners to sign better trade deals with the U.S. and that negotiations with all these countries, excluding China, are already underway.

“We are currently negotiating with 17 of those trading partners, so I expect that we can see a substantial reduction in the tariffs that we are being charged, “ said Bessent, prior to the announcement of a U.S.-U.K. deal.

Two days after the hearing on Thursday, the White House announced a new trade deal with the U.K. to give Americans billions of dollars of increased market access to U.K. markets for products like ethanol, beef, and other agricultural products.

Additionally, with Congress expected to vote on a bill that would make Trump’s 2025 tax cuts permanent, representatives on both sides of the aisle emphasized the need to reduce the national debt.

“We need to change course and get us out of the $36 trillion debt pathway,” said Rep. Michael Cloud, R-TX. “The American people have watched this all play out, realizing that their nation has been in decline.”

Secretary Bessent also warned that, without major changes, the U.S. debt could soon grow so large that it would no longer be sustainable.

“It would look like a sudden stop in the economy as the credit would disappear, as markets would lose confidence, and I’m committed to that not happening,” said Bessent.

However, the Center for American Progress, an independent policy institute, estimated that Trump's tax cuts would significantly raise the U.S. debt by reducing government-generated revenue.

Secretary Bessent said that even with the government-generated revenue being cut, the larger problem in reducing the national debt would be to control government spending. He credited DOGE and other Trump initiatives for playing a vital role in helping reduce government spending.

After the hearing, Rep. Hoyer sowed doubt on Congress's ability to reduce debt levels.

“It takes two parties [to reduce the national debt], and to date, the administration has not been willing to work with the other party,” said Hoyer.


Athan Yanos is a graduate student at Northwestern Medill in the Politics, Policy and Foreign Affairs specialization. He is a New York native. Prior to Medill, he graduated with an M.A. in Philosophy and Politics from the University of Edinburgh. He also hosts his own podcast dedicated to philosophy and international politics.

Read More

From Fragility to Resilience: Fixing America’s Economic and Political Fault Lines

fractured foundation and US flag

AI generated

From Fragility to Resilience: Fixing America’s Economic and Political Fault Lines

This series began with a simple but urgent question: What’s gone wrong with America’s economic policies, and how can we begin to fix them? The story so far has revealed not only financial instability but also deeper structural weaknesses that leave families, small businesses, and entire communities far more vulnerable than they should be.

In the first two articles, “Running on Empty” and “Crash Course,” we examined how middle-class families, small businesses, and retirees are increasingly caught in a web of debt and financial uncertainty. We also examined how Wall Street’s speculative excesses, deregulation, and shadow banking have pushed the financial system to the brink. Finally, we warned that Donald Trump’s economic agenda doesn’t address these problems—it magnifies them. Together, these earlier articles painted a picture of a system skating on thin ice, where even small shocks could trigger widespread crisis.

Keep ReadingShow less
Poll: 82% of Americans Want Redistricting Done by Independent Commission, Not Politicians

Capitol building, Washington, DC

Unsplash/Getty Images

Poll: 82% of Americans Want Redistricting Done by Independent Commission, Not Politicians

There may be no greater indication that voters are not being listened to in the escalating redistricting war between the Republican and Democratic Parties than a new poll from NBC News that shows 8-in-10 Americans want the parties to stop.

It’s what they call an "80-20 issue," and yet neither party is standing up for the 80% as they prioritize control of Congress.

Keep ReadingShow less
MAGA says no to Trump & Kennedy’s junk science

U.S. President Donald Trump answers questions after making an announcement on“ significant medical and scientific findings for America’ s children” in the Roosevelt Room of the White House on Sept. 22, 2025, in Washington, D.C. Federal health officials suggested a link between the use of acetaminophen during pregnancy as a risk for autism, although many health...

(Getty Images)

MAGA says no to Trump & Kennedy’s junk science

President Trump stood at the White House podium, addressing a room full of reporters.

“First, effective immediately, the FDA will be notifying physicians that the use of…ah-said-a…well…let’s see how we say that.”

Keep ReadingShow less
Safeguarding Democracy: Addressing Polarization and Institutional Failures

American flag

Nattawat Kaewjirasit/EyeEm/Getty Images

Safeguarding Democracy: Addressing Polarization and Institutional Failures

The Fulcrum is committed to nurturing the next generation of journalists. To learn about the many NextGen initiatives we are leading, click HERE.

We asked Luke Harris, a Fall Intern with the Fulcrum Fellowship, to share his thoughts on what democracy means to him and his perspective on its current health.

Keep ReadingShow less