Mar 06 2025 3 mins
In recent days, Treasury Secretary Scott Bessent has been at the forefront of several significant developments and announcements that have garnered considerable attention.
On March 2, 2025, Secretary Bessent appeared on "Face the Nation with Margaret Brennan," where he addressed various economic concerns and the perception of the economy under President Trump's administration. Bessent acknowledged the public's concerns about affordability, particularly regarding food, groceries, and housing, but emphasized that the administration is actively working to address these issues. He pointed out that interest rates and mortgage rates have been decreasing since President Trump took office, which he sees as a positive step towards improving housing and auto affordability. Bessent also announced the appointment of an affordability czar and the establishment of an affordability council to focus on these critical areas[1].
In the realm of international trade, Secretary Bessent discussed the administration's approach to tariffs. He mentioned that a significant tariff program will be outlined on April 2 by the Commerce Department and the U.S. Trade Representative, focusing on reciprocal tariffs and addressing unfair trade practices, including non-tariff barriers, currency manipulation, and labor issues. This initiative is aimed at evaluating and potentially adjusting tariffs based on the responses of trading partners worldwide[1].
Simultaneously, the Treasury Department made a notable announcement regarding the Corporate Transparency Act (CTA). On March 2, 2025, the department declared that it will not enforce penalties or fines associated with the beneficial ownership information (BOI) reporting rule under the existing deadlines. Instead, the Treasury Department will issue a proposed rulemaking to narrow the scope of BOI reporting to only certain foreign companies registered to do business in the U.S. This decision follows a series of legal challenges and changes in the enforcement landscape of the CTA, which was originally designed to combat money laundering and terrorist financing[3][5].
This move aligns with President Trump and Secretary Bessent's support for reducing regulatory burdens, particularly on domestic companies and U.S. citizens. The suspension of enforcement and the proposed rule changes aim to alleviate the reporting obligations for domestic entities while maintaining the act's intent to monitor foreign companies operating in the U.S.[3][5].
These recent actions and announcements by Secretary Bessent reflect the administration's efforts to address economic affordability, regulate international trade more effectively, and streamline regulatory requirements for domestic businesses. As the Treasury Department continues to navigate these complex issues, their decisions are likely to have significant implications for both the national economy and international trade relations.
On March 2, 2025, Secretary Bessent appeared on "Face the Nation with Margaret Brennan," where he addressed various economic concerns and the perception of the economy under President Trump's administration. Bessent acknowledged the public's concerns about affordability, particularly regarding food, groceries, and housing, but emphasized that the administration is actively working to address these issues. He pointed out that interest rates and mortgage rates have been decreasing since President Trump took office, which he sees as a positive step towards improving housing and auto affordability. Bessent also announced the appointment of an affordability czar and the establishment of an affordability council to focus on these critical areas[1].
In the realm of international trade, Secretary Bessent discussed the administration's approach to tariffs. He mentioned that a significant tariff program will be outlined on April 2 by the Commerce Department and the U.S. Trade Representative, focusing on reciprocal tariffs and addressing unfair trade practices, including non-tariff barriers, currency manipulation, and labor issues. This initiative is aimed at evaluating and potentially adjusting tariffs based on the responses of trading partners worldwide[1].
Simultaneously, the Treasury Department made a notable announcement regarding the Corporate Transparency Act (CTA). On March 2, 2025, the department declared that it will not enforce penalties or fines associated with the beneficial ownership information (BOI) reporting rule under the existing deadlines. Instead, the Treasury Department will issue a proposed rulemaking to narrow the scope of BOI reporting to only certain foreign companies registered to do business in the U.S. This decision follows a series of legal challenges and changes in the enforcement landscape of the CTA, which was originally designed to combat money laundering and terrorist financing[3][5].
This move aligns with President Trump and Secretary Bessent's support for reducing regulatory burdens, particularly on domestic companies and U.S. citizens. The suspension of enforcement and the proposed rule changes aim to alleviate the reporting obligations for domestic entities while maintaining the act's intent to monitor foreign companies operating in the U.S.[3][5].
These recent actions and announcements by Secretary Bessent reflect the administration's efforts to address economic affordability, regulate international trade more effectively, and streamline regulatory requirements for domestic businesses. As the Treasury Department continues to navigate these complex issues, their decisions are likely to have significant implications for both the national economy and international trade relations.