Treasury Secretary Scott Bessent touted the US as the "premier destination" for global capital and argued that the Trump administration's policies will solidify that position - countering the so-called sell America theme that materialised last month.
"The United States is the premier destination for international capital," Bessent said in remarks prepared for delivery at the Milken Institute Global Conference in Beverly Hills Monday. President Donald Trump's trade, tax and deregulation agenda "push toward the same goal - to solidify our position as the home of global capital."
Concerns about the international appeal of dollar-based assets materialised last month during a selloff in US stocks in the wake of Trump's announcement of steep reciprocal tariffs on major trading partners. Contrary to typical practice, US Treasuries also tumbled - failing to play the haven asset role it has in the past. The dollar also retreated.
Bessent's predecessor, Janet Yellen, had said the pattern suggested a worrisome "loss of confidence in US economic policy."
Bessent said that Trump's policies are "interlocking parts of an engine" that will drive long-term investment in the US. He also reiterated that the aim of the trade policy is to "level the playing field" for US workers and companies.
Both "Main Street" and "Wall Street" can prosper under Trump's policies, he said. Last month, at a gathering of financial professionals in Washington, Bessent had emphasized that it was "Main Street's turn."
