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US needs precision manufacturing, not textile industry: Bessent
"The goal here is to bring back the high quality industrial jobs to the US. President (Donald) Trump is interested in the jobs of the future, not the jobs of the past," Bessent told reporters at a White House briefing.
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Treasury Secretary Scott Bessent walks out of the West Wing to do a television interview on the North Lawn of the White House on March 14, 2025 in Washington, DC. (AFP/Roberto Schmidt)
U
S Treasury Secretary Scott Bessent said on Tuesday that the United States needs precision manufacturing and not necessarily a textile industry.
"The goal here is to bring back the high quality industrial jobs to the US. President (Donald) Trump is interested in the jobs of the future, not the jobs of the past," Bessent told reporters at a White House briefing.
Bessent also said the Trump administration wants to provide companies looking to relocate to the US full expensing of factories and equipment purchases and make it retroactive to January 20.
Scott Bessent predicted that China could lose 10 million jobs quickly due to tariffs and that Beijing will see over time that Chinese tariffs are not sustainable.
Earlier on Monday, Bessent said he was not concerned "at present" about American stores potentially running out of items due to Trump's tariffs.
The US president has introduced a 10 percent baseline tariff against most nations, and a far higher levy totaling 145 percent on goods coming from China.
The White House also introduced several sector-specific tariffs of 25 percent, and has threatened to reimpose higher measures on dozens of trading partners if they do not reach a deal to lower trade barriers with the United States.
Asked during an interview with "Fox and Friends" if he was concerned about reports of empty shelves due to the tariffs, Bessent replied: "Not at present."
"We have some great retailers," he said during the Fox News interview. "I assume they pre-ordered."
"I think we'll see some elasticities. I think we'll see replacements, and then we will see how quickly the Chinese want to de-escalate."
