Treasury Secretary Bessent Discusses The New Golden Age

At the 28th Milken Institute Global Conference in California, Secretary Scott Bessent delivered a powerful address that echoed a reinvigorated America First economic vision under the returning leadership of President Donald J. Trump.

As over 1,000 global speakers and 200 panels gathered to forge actionable global finance, health innovation, and human capital strategies, Bessent’s remarks drew attention to the Trump administration’s aggressive economic reindustrialization agenda. 

In this era of global volatility, the speech underscored the United States’ unwavering role as the sheltering point of global capital, opportunity, and resilience.

Building the Foundation: Trade, Tax Cuts, and Deregulation

Secretary Bessent articulated the administration’s commitment to structural reforms through three interlocking economic levers:

1. Trade Policy: With tariffs engineered to encourage onshoring, Bessent emphasized that American companies should be incentivized to hire locally, build domestically, and manufacture in the U.S.
2. Tax Legislation: Trump’s economic strategy includes extending small business deductions, restoring 100% equipment expensing, and incentivizing research and factory development.
3. Deregulation: Expansive permitting reforms aim to slash approval times from years to months, unleashing the building renaissance and empowering energy dominance.

These mutually reinforcing efforts set the stage for a massive reindustrialization effort that aims to strengthen national security, job creation, and innovation.

Reindustrialization Without Isolation

Responding to concerns about potential economic isolationism, Bessent maintained that “reindustrialization” and global engagement are not mutually exclusive. In his view, the U.S. seeks stronger trade terms, not withdrawal.

The administration envisions a “beautiful rebalancing” with countries like China, where U.S. industry is protected while encouraging consumption-driven economic policies abroad. President Trump’s controversial yet effective methods, such as pressuring NATO allies to meet defense spending, serve as blueprints for trade renegotiations.

Strategic Partnership with Ukraine: Economics as Foreign Policy

One of the most compelling revelations in Bessent’s remarks was the Trump administration’s strategic economic agreement with Ukraine. Far from being a symbolic gesture, this deal:

• Signaled unity between the U.S. and the Ukrainian people.
• Created economic leverage against Russian aggression.
• Demonstrated Trump’s ability to use capital, not troops, as the first form of defense.

The equity-based agreement, with no debt traps or coercive lending, set a precedent for future U.S.-led economic alliances.

Private Credit, Quantum Innovation, and the Future of Finance

Bessent highlighted the importance of the Financial Stability Oversight Council (FSOC) and his leadership in deregulating financial institutions. The explosion of private credit markets signals pent-up demand for less constrained capital formation, something Treasury now seeks to facilitate.

AI and quantum technology are national priorities on the innovation frontier. In Bessent’s view, maintaining American dominance in these areas is not optional: “If we don’t win in AI, everything else doesn’t matter.”

From Steelworkers to Startups: The American Dream Reimagined

The most profound section of Bessent’s remarks was his redefinition of the American Dream. It’s not just prosperity for the elite or tech giants. It’s a vision where children of steelworkers in Pittsburgh can become Silicon Valley CEOs—or remain in their communities with dignity, stability, and opportunity.

He underscored that the Trump economic plan is not about picking winners but creating fertile ground for all Americans to succeed through reduced federal dependency, increased private sector vitality, and smart deregulation.

Fiscal Discipline and Debt Realignment

Bessent, a long-time asset manager, warned of the dangers posed by unchecked federal deficits. The strategy is twofold:

• Decrease the deficit gradually (targeting 3.5% of GDP).
• Reprivatize the economy by reducing the size and scope of government in the market.

Treasury plans to “re-leverage the private sector” through capital access while simultaneously shedding bureaucratic bloat in Washington.

Closing the Gap Between Potential and Action

The broader conference reminded attendees that even with $500 trillion in global wealth, one in 11 people lives on less than $2 a day, and billions lack access to basic internet services. This moral and economic divide is not from lack of resources, but lack of common will.

Technology, innovation, and capital must work in unison—not for a privileged few, but for the world. The Trump administration seeks to lead this charge by proving that an America First economy can still build a better world.

Watch the full Milken Global Conference speech