In a high -range speech without apologies on Monday, Treasury secretary, Scott Besent, presented the economic vision of the Trump administration over the next four years, asking global investors to align with what he described.
Speaking to a audience of business leaders, financial and policy formulators of the Annual Global Conference of the Milken Institute, Besent delivered what was equivalent to a comprehensive plan for the National Administration Agenda, Strategic Tariffs, Andy Incentics Pillars, and Andy Taxes and Tax Pillars and collectors and tax pillars of Andy, and Yy Pillars and Dree.
“Our goal is not simply to grow the economy,” Besent said. “It is to re -emerge global capital in the United States and free a new era of industrial abundance.”
A visionary frame: from the ground, the seed, the harvest
Besent opened invoking the legacy of Michael Milken himself, praising the founder of the conference as a rare figure that challenged consensus and changed the finances by supporting high performance ties in the 1970s. Then he drew a direct line between the unorthodox success of Milken and the economic model of President Trump.
“Mike exceeded the decades of Orthodox to redirect capital to the new industries. His colleagues called him delusional,” Besent said. “But history showed it well. Does it sound familiar?”
In that comparison, Besent framed Trump as an equally visionary figure that had challenged elite skepticism to deliver results. The objective of the administration, he said, is to create what the president has called “a new golden age”, and that begins with the cultivation of the appropriate conditions for the investment.
“For the last 100 days, we have the preparation of the legs on the ground,” he said. “We have uprooted government waste and harmful regulations. We have planted the sown of private investment. And we have fertilized the land with a new fiscal legislation. Next, we harvest.”
Tariffs as investment incentives
In the heart of Besent’s comments was the argument that the approach to the Trump administration’s economic policy is not a collection of isolated initiatives, but a unified framework designed to generate a long -term sustained investment. He described commercial policy, tax reform and deregulation as “interlaced parties of an engine”, each reinforcing others to boost capital formation, industrial expansion and employment creation.
The commercial policy, he said, is structured to level the global playing field for US workers and companies, encouraging supply chains to be reorient towards national production. Tariffs, from this point of view, are not punitive measures, but strategic incentives aimed at attracting investments within US borders. “Tariffs are designed to encourage companies such as yours to invest directly in the United States,” Besent said. “Hire your workers here. Build your factories here. Make your products here.”
The fiscal policy is being remodeled through what President Trump has called “a great project of beautiful law”, which is expected to include a permanent extension of the deduction of small businesses, the total expense of the construction equipment and an expansion of that data of that. Besent also highlighted the planned tax credits for research and development, which said it would accelerate the growth of critical strategic and high -tech sectors for national competitiveness.
The regulatory reform is intended to rationalize the investment process and eliminate long -standing bureaucratic delays. Besent emphasized the administration’s effort to review the rules of permission for energy and infrastructure development. The executive orders already signed by the president are designed to reduce federal approval times from years to a few months, a change, Besent said that unleashed a wave of private sector activity. “The president does not” drill, baby, exercise, “he said.” Hello, you want to “build, baby, build”.
America as Schelling Point
One of the most surprising moments in Besent’s comments occurred when he described the United States as the natural “point of Schelling” of global investment: a concept of game theory that denotes the obvious place to coordinate is possible.
“We have the world reserve currency, the deepest and more liquid markets, and the strongest property rights,” said Besent. “The objective of the administration is to make the United States even more attractive to investors such as you.”
That appeal, he emphasized, was not speculative. Since President Trump returned to office in January, companies have pledged to invest “Billones” in the economy of the United States, cordination to Besent. “President Trump has assured more investment for our country in 100 days that President Biden lasted four years,” he said.
The term “Schelling Point” comes from the work of the economist and theoretical of the Nobel game, Thomas Schelling, who introduced the concept in his 1960 book THE CONFLICT STRATEGY. It refers to the result that individuals tend to choose in a coordination problem when communication is not possible, because it seems natural, prominent or mutual. Schelling illustrated this with a mental experiment in which people asked to meet in New York without any previous agreement, instinctively converged at noon at the Grand Central station. In the use of Bessert, the metaphor presents the United States as the natural convergence point of the global economy: the default destination for capital due to market depth, legal protections and economic resistance.
Increase in entrepreneurship
This investment trend is reflected in a strong increase in national entrepreneurship. Citing recently published data, Besent said that March saw one of the highest levels registered for new commercial applications.
“Entrepreneurs are beginning to understand what the president is trying to achieve,” he said. “Many of these men and women, like many of you, or understanding that ‘America First’ is the plan for a more abundant world.”
Besent builds his case to a rhetorical crescendo when enumerating the tangible results that the administration expects to achieve: “More jobs, more homes, more growth, more factories, more critical manufacturing plants, more energy, bijtrense, more defense, bijtructors, bijtructor, bijtrencors, bijtrencors, bijtreencors, bijtreencors, bijtrencors, bijtrencors, Bijtrencors, Bijtrencors, Bijtrencors, Bijtrencors, Bijtrencors, Bijtrencencores, Bijtrencors, Bijtrencors, BibliTreentors ,,,,,,,,,,, Bijlyy, Bijtrense, Bijtrense, Bijtrense, Bijterense, Bijtrense, Bijtrense, Bijtrense, Bijterense, Bijterense, Bijter Bijtrense, Bijtrense, Bijtrena, Bijtrense, Bijtresty, Bijtrense, Bijtrense, Bijtrense, Bijtrense.
This vision, he said, is not theoretical. “The result of the president’s economic plan will be more, more of all the things we need most,” he said.
He added that this abundance agenda is not only for Wall Street, but also for Main Street. “The United States is entering a new golden era of economic prosperity for both Main Street and Wall Street,” he said. “And we don’t want anyone to stay behind.”
I bet on America
Besent closed remembering a well -known Warren Buffett line: “Never against America.” But he used the line not as a tranquility, but as a challenge for investors worldwide.
“American markets are antifragile,” he said. “It launches what you want in our capital markets, the great depression, two world wars, on September 11, a global recession, the Covid pandemic or the last years of very high inflation. Every time the US economy goes back. They go back.” “It goes back down.”
Echoing a table of the S&P 500 during the last century, he said: “The entire economic history can be distilled in just five words:” Up and to the right. “
The message to investors was unmistakable: the time to commit capital with the United States is now, or the risk of losing the moment.
“Come with us,” Besent said at closing. “Then we can build a more abundant America together.”
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