U.S. Treasury Secretary Scott Bessent joins ‘Fox & Friends’ to discuss the financial impact of the shutdown on the economy and outlines how rising wages and tax cuts can boost the recovery.
From new factories to bigger salaries, Minister of Finance Scott Bessent says the coming year will be a ‘blockbuster’, promising relief for America’s wallets.
“I was in my hometown of Charleston, South Carolina, on Friday, and this new Boeing factory is opening. That’s a thousand new jobs that the president has brought back.”
Bessent also visited a rare earths plant in South Carolina, where previously laid-off workers see new opportunities: 800 construction jobs and, he said, 300 permanent jobs that could eventually grow to 3,000.
Treasury Secretary Scott Bessent addresses a press conference after the conclusion of U.S.-China trade negotiations on July 29 in Stockholm, Sweden. (Magnus Lejhall/TT News Agency/AFP/Getty Images/Getty Images)
“Thanks to President Trump, a new factory has been added, so as we bring these trillions of dollars of investment into the US, they are all starting to gain traction. I would have liked to snap my fingers and have these facilities up and running. [But] it takes time,” Bessent said.
Bessent added that the “Big Beautiful” tax bill provides major incentives for companies to build factories in the U.S. and create American jobs, while also providing tax credits for workers with tips, overtime and Social Security income.
These provisions, according to Bessent, will lead to “large refunds” that amount to another direct benefit for working families.
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Representative Jim Clyburn, D-S.C., from fourth from left, Stephanie Pope, president and CEO of Boeing, Scott Bessent, U.S. Treasury Secretary, South Carolina Governor Henry McMaster, Jeff Shockey, executive vice president of global public policy and (Sean Rayford/Bloomberg via Getty Images/Getty Images)
Bessent also addressed speculation that President Trump could offer rate reductions to certain households, and outlined what the plan could look like.
“The president is talking about a $2,000 reduction, and that would apply to families making less than, say, $100,000,” he said.
Trump mentioned the idea in a Truth Social post on Sunday, in which he labeled critics of his tariffs as “fools” and declared: “A dividend of at least $2,000 per person (not including high-income earners) will be paid to everyone.”
Bessent said the idea is still up for debate, but noted that regardless of the outcome, several other measures are already aimed at putting more money back into Americans’ pockets.
“I think 2026 is going to be a blockbuster year,” he said.
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