Despite market turmoil following sweeping new tariffs, deputy Treasury Secretary Michael Faulkender said Thursday on Newsmax that Americans must focus on President Donald Trump's "broader economic agenda" aimed at long-term prosperity.
Speaking on "Finnerty," Faulkender responded to concerns that Americans are feeling financial pressure in the short term. The remarks came just one day after the S&P 500 dropped 4.8% — its worst day since the COVID-19 pandemic crashed markets in 2020. The Dow Jones Industrial Average fell 1,679 points, or 4%, and the Nasdaq composite plunged 6%, according to PBS.
Asked whether the Treasury Department had plans to ease the strain on Americans, Faulkender said, "We are, and I really think that this needs to be viewed in the context of the president's broader economic agenda."
He outlined several pillars of Trump's economic vision: "So it's not just about rebalancing our trade deals, it is about American energy dominance. It is about bringing down interest rates so that home affordability again rises to the level that we saw prior to the pandemic."
"It does mean extending pro-growth tax reform so that the American people are not hit with a big tax increase at the end of this year," he added.
"It does mean making sure that banks are focused on lending rather than focused on a regulatory jungle that keeps them away from lending to Main Street and to consumers," he said.
On Wednesday, Trump signed an executive order imposing a 10% tariff on all countries exporting goods to the United States.
Key trading partners will face higher rates, including a 54% tariff on Chinese imports, 26% on Indian goods, 24% on Japanese products, and 20% on goods from the European Union. The White House said the measures account for currency manipulation, unfair trade practices, and environmental regulations in other nations, NBC News reported.
"The trade actions that the president took yesterday are part of a whole plan to bring down the cost of living and to raise American incomes here at home," Faulkender said. "So that we can solve the affordability crisis that has really plagued American families over the last couple of years."
While market watchers brace for ongoing volatility, the administration insists the new trade and economic policies are designed to deliver long-term stability and wealth to Americans.
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Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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