US Treasury Secretary optimistic about economy in 2026

Bộ trưởng Tài chính Mỹ Scott Bessent. Ảnh: AFP

US Treasury Secretary Scott Bessent. Photo: AFP

Treasury Secretary Scott Bessent said on November 23 that the US is not at risk of falling into recession in 2026 and affirmed that the people of this country will soon benefit from the economic policies of President Donald Trump's administration on trade and taxes.

In an interview on NBC News' “Meet the Press,” Treasury Secretary Bessent said he was optimistic about 2026, saying “we have laid the foundation for a strong, non-inflationary economy.”

Some parts of the Republican spending package, the Big and Beautiful Act, are still in the works and have not yet been reflected in the economy, Bessent said. The new law makes permanent President Donald Trump’s 2017 tax cuts, along with a “bonus” for seniors to offset Social Security taxes and higher state and local tax deductions. The plan also includes tax breaks for tips, overtime pay and auto loans.

Health care is also expected to become more affordable, Mr. Bessent added, adding that the Trump administration would release more information on the issue this week.

Mr. Bessent acknowledged that there are areas of the economy that are showing signs of trouble, including housing and interest-rate sensitive sectors. He said the service economy is contributing to inflation, while insisting that lower energy prices will soon help bring prices down.

According to Treasury Secretary Bessent, President Trump’s sweeping tariffs “have nothing to do” with rising inflation. He said that if you look at the data, inflation on imported goods has actually stabilized. The increase in inflation is due to the service economy and services. So it has absolutely nothing to do with tariffs.

Earlier this month, President Trump signed an executive order cutting tariffs on a range of products to reduce the price of some grocery items. Products no longer subject to tariffs include coffee, tea, beef, bananas, tropical fruits, lumber and iron.

The tax repeal comes after Republicans suffered significant losses in this month's elections, where Democratic candidates — many of whom focused on cost-of-living issues — won strong support from voters.

About two-thirds of registered voters say the Trump administration has failed to meet expectations on the economy and cost of living, according to a recent NBC News poll.

According to JPMorgan’s latest Cost of Living Survey, Americans’ views on the economy are highly dependent on their income level. High-income earners reported an average confidence level of 6.2 out of 10, with more than half of this group rating it between 7 and 10. Conversely, low-income consumers scored an average of 4.4.

Source: https://vtv.vn/bo-truong-tai-chinh-my-lac-quan-ve-kinh-te-nam-2026-10025112408373788.htm