WASHINGTON (Reuters) - U.S. President Donald Trump's tariff plans primarily aim to revive domestic manufacturing in the United States, Treasury Secretary Scott Bessent stated on Wednesday to Fox Business. Specifically, medical supplies and shipbuilding sectors are targeted for growth through these tariffs.
Bessent explained that Trump employs varying strategies with different tariffs, citing recent tariff threats against Colombia, Mexico, and Canada as examples intended to prompt governmental action on issues like immigration. Nonetheless, he emphasized that tariffs generally serve the purpose of assisting in re-establishing manufacturing across vital sectors within the United States, leading to increased corporate earnings and a subsequent decline in revenue generated from the tariffs themselves.