Treasury Secretary Defends Trump's Tariffs, Says They'll Take Time to Boost Manufacturing

Bessent tells Congress the tariffs are intended to revitalize U.S. industry, despite job losses so far.

Feb. 4, 2026 at 5:23pm

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Treasury Secretary Scott Bessent defended President Donald Trump's tariff policies in a congressional hearing, saying the tariffs will take time to have their intended effect of revitalizing U.S. manufacturing and restoring factory jobs. Bessent acknowledged the economy has lost thousands of manufacturing jobs since the tariffs were imposed, but said a slew of factories have broken ground in response and will take time to get up and running.

Why it matters

The near-term trajectory of the economy hinges on whether the tariffs have a negligible effect on inflation and if they will succeed in encouraging manufacturing in the U.S. Some business leaders have put hiring and expansion plans on hold due to the uncertainty surrounding the tariffs, but the economy has held up better than many experts predicted.

The details

Bessent faced a mixture of supportive and critical questions from lawmakers during his testimony. He said the tariffs are intended to make the U.S. economy more resilient, despite the fact that the economy has lost 72,000 manufacturing jobs since Trump's "Liberation Day" tariff announcement in April. Bessent acknowledged that tariff inflation has not surged as some experts predicted, but the economy has continued to grow at a healthy clip despite a job slowdown.

  • In April, Trump announced his "Liberation Day" tariff policies.
  • Since then, the U.S. economy has lost 72,000 manufacturing jobs.

The players

Scott Bessent

The Treasury Secretary who defended President Trump's tariff policies in a congressional hearing.

Donald Trump

The President who imposed sweeping import taxes on most U.S. trading partners last year.

Ritchie Torres

A Democratic congressman from New York who pointed out that the economy has lost thousands of manufacturing jobs every month since Trump imposed the tariffs.

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What they’re saying

“The are numerous goals, but it is to make the U.S. economy more resilient.”

— Scott Bessent, Treasury Secretary (Investopedia)

What’s next

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The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.