• Scott Bessent confirms plans to remain as Treasury Secretary amid major policy initiatives.
  • New international tax agreement shields U.S. manufacturers from OECD Pillar 2 global minimum taxes.
  • Bessent's "3-3-3" economic plan gains traction with bipartisan support.

Bessent Digs In at Treasury

Treasury Secretary Scott Bessent has made clear he intends to stay in his role, according to people familiar with the matter, as he spearheads the Trump administration's economic agenda. The former Soros Fund Management CIO has emerged as a key player in international negotiations, most recently securing a carve-out for U.S. manufacturers from the OECD's global minimum tax framework.

"This is about keeping American manufacturing competitive," Bessent told reporters after announcing the G-7 brokered deal last week. The agreement prevents Pillar 2 taxes from applying to U.S. producers—a move domestic industry groups immediately hailed as a "game-changer" for investment decisions.

The 3-3-3 Plan in Motion

Bessent's tenure has been marked by an ambitious economic blueprint: 3% GDP growth, 3 million additional barrels of domestic oil production per day, and reducing the federal deficit to 3% of GDP. While some economists question the feasibility of these targets, June's 2.9% GDP print suggests momentum.

The Treasury Secretary has also been working behind the scenes on modifications to EV tax credits and Inflation Reduction Act provisions, though details remain scarce. One administration official, speaking on condition of anonymity, said these changes would "better align incentives with market realities."

Manufacturing Wins and Global Ripples

Last month's tax agreement represents a significant victory for the administration's "America First" trade policy. By exempting U.S. companies from the 15% global minimum tax, the deal effectively nullifies what domestic manufacturers called a "European-led wealth transfer." But it may prompt retaliatory measures from trading partners.

European Commission officials have already hinted at potential challenges to the arrangement. "We're assessing whether this violates existing agreements," said one EU tax policy director who asked not to be named.

Bessent, the highest-ranking openly LGBT official in U.S. history, continues to wield surprising bipartisan influence. His confirmation passed 78-22 in January 2025, and key Democrats have praised his "pragmatic approach" to fiscal matters—even as they oppose broader Trump economic policies.

The Treasury Department did not immediately respond to requests for comment on potential staffing changes.