Scott Bessent Outlines U.S. Domestic Manufacturing Goals: We Don’t Need A ‘Booming Textile Industry’

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During Tuesday's White House press briefing, Treasury Secretary Scott Bessent answered questions about tariff exemptions and domestic manufacturing goals.

Transcript

00:00trust President Trump. Megan in the back. Thank you both. Can you detail for us exactly what we

00:06should expect as far as relief on the auto tariffs front? And then further, Mr. Secretary,

00:11should we expect other industries to also get relief the way we've now seen for auto and tech

00:15as well? I'm not going to go into the details of the auto tariff relief, but I can tell you that

00:24it will go substantially toward reshoring American auto manufacturing. And again, the goal here is

00:32to bring back the high quality industrial jobs to the U.S. President Trump is interested in the jobs

00:40of the future, not the jobs of the past. We don't need to necessarily have a booming textile industry

00:48like where I grew up again, but we do want to have precision manufacturing and bring that back.

00:54And another important, very important function of this that does not get talked about enough

01:00is national security. President Trump, his overriding the concern and belief is that economic

01:10security is national security. National security is economic security. And we saw during COVID

01:16that our supply chains got cut off. And we need to bring back a lot of those supply chains,

01:23whether it's in semiconductors, medicines, the steel, and we have to onshore those. So it's a

01:30combination of making trade free and fair and remedying this gaping national security hole that he

01:38was left with. I would just add, Megan, the president will sign the executive order on auto tariffs later

01:43today. And we will release it as we always do. Go ahead.

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