Treasury Secretary Scott Bessent on March 6 defended President Donald Trump’s “America First trade policy,” telling an audience of business leaders and economists that the American Dream is more than “access to cheap goods.”

Bessent appeared before the Economic Club of New York, explaining that the Trump administration’s actions are attempting to achieve more than lowering prices.

“Access to cheap goods is not the essence of the American dream. The American dream is rooted in the concept that any citizen can achieve prosperity, upward mobility, and economic security,” Bessent said in a speech. “For too long, the designers of multilateral trade deals have lost sight of this. International economic relations that do not work for the American people must be reexamined.”

President Trump and Vice President JD Vance have presented similar cases about global trade.

Speaking at the Economic Club of New York in September, Trump said that America’s massive trade deficit with China has not been positive for the United States.

“We got some cheap product. You can buy 19 pencils instead of two. Who the hell cares? You can buy 16 dolls for your daughter instead of two nice dolls,” he stated.

This past summer, Vance lambasted outsourcing that has affected U.S. jobs. “We believe that a million cheap knockoff toasters aren’t worth the price of a single American manufacturing job,” Vance said.

According to the Treasury chief, the White House is aiming to recalibrate global trade relationships and restructure the international economic system.

If another country’s policies adversely affect the U.S. economy, the United States will act. “This is the America First trade policy,” he stated.

While the focal point of the president’s trade agenda has been tariffs, Bessent noted that the administration is identifying unscrupulous players who employ non-tariff trade barriers. Bessent said President Trump and his team are examining all aspects of worldwide commerce, from currency manipulation, which can facilitate trade imbalances, to government policies that undercut global competition.

Over the next months, as part of Trump’s reciprocal tariff plans, the administration will compose comprehensive reports assessing U.S. trade relationships.

“This system is not sustainable,” Bessent said.

His remarks come after the Bureau of Economic Analysis reported that the U.S. registered the highest trade deficit on record, exceeding $131 billion in January. Imports spiked 10 percent to an all-time high of $401.2 billion as companies accelerated their purchases ahead of the president’s tariffs. Exports rose at a slower pace of 1.2 percent, totaling $269.8 billion.

‘I’m Not Worried About Inflation’

Consumers and market watchers fear the president’s tariffs will stoke inflation flames and weigh on growth prospects. Recent surveys and forecasting models have alluded to higher prices and a lower first-quarter expansion.

Supporters of Trump’s trade practices note that his initial round of levies did little to increase prices during his first term.

“The economic program is a whole of government, holistic program, and I think that we could get a one-time price adjustment,” Bessent said in a follow-up question-and-answer session with Fox Business host Larry Kudlow. “Across a continuum, I’m not worried about inflation.”

Instead, reiterating his comments on the campaign and during his Senate confirmation hearing, Bessent noted that Trump views tariffs as a revenue generator, a shield for domestic industries and workers, and a negotiating tool.

Last month, President Trump acknowledged that there may be “some pain” to usher in a new “golden age of America.”

“Will there be some pain? Yes, maybe (and maybe not!). But we will make America great again, and it will all be worth the price that must be paid. We are a country that is now being run with common sense—and the results will be spectacular!” he wrote in a Feb. 2 Truth Social post.

Earlier this week, the administration moved ahead with 25 percent tariffs on Canadian and Mexican goods entering the United States. Within days, the president agreed to a one-month delay for U.S. automakers and another one-month pause for some goods from Canada and Mexico.

President Trump dismissed suggestions that he was walking back some of these measures in response to the sharp selloff in the financial markets.

“Nothing to do with the market,“ Trump said to reporters at the Oval Office after signing executive orders on March 6. ”I’m not even looking at the market, because long term, the United States will be very strong with what’s happening.”

He blamed “globalists” for this week’s market rout.

“I think it’s globalists that see how rich our country’s going to be and they don’t like it. Big market out there,” Trump said. “But again, they’ve been ripping off this country for years. And they’re going to do great—everyone’s going to do great.”

Bessent made similar comments on March 6, explaining that Wall Street has done very well but that it is Main Street’s turn to enjoy some of the prosperity.

The tech-heavy Nasdaq Composite Index plummeted nearly 500 points, or about 2.6 percent, to finish the March 6 trading session. The blue-chip Dow Jones Industrial Average erased more than 400 points, while the broader S&P 500 tumbled close to 1.8 percent.