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U.S. Treasury Secretary Yellen: Expects Trade Issues to be Resolved by the End of October
BlockBeats News, August 11th. In an interview with Nikkei News, U.S. Treasury Secretary Benson stated that President Trump's tariff policy aims to bring manufacturing back to the United States. When evaluating the effect of Trump's economic policies since taking office, Benson said, "Trump's economic policy is like a 'three-legged stool'—tax cuts, trade, and deregulation. On the tax front, we have completed the record-breaking Tax Cuts and Jobs Act at lightning speed, which was signed into effect on July 4th. On the trade front, I believe we can make substantial progress by the end of October. As for deregulation, it is an ongoing effort. The President has made it clear that for every new regulation put in place, ten old ones must be eliminated."
Benson stated that the main reason for the shift to a tariff policy in trade was to rebalance the (current account deficit). He said, "Over time, tariffs should be like a melting ice cube. If production comes back to the United States, then our imports will decrease." (FXStreet)
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