United States Treasury Secretary Scott Bessent said on Tuesday that the US economy is "brittle underneath" and blamed the situation on former US President Joe Biden's "excessive spending."

Bessent said import tariffs are an "essential component" of the Trump administration's economic strategy, claiming they will boost domestic industry, employment and security. He said the Treasury is paying particular attention to the 10-year bond yield, predicting that the administration's policies should reduce it. He added that he aims to reduce spending and ease monetary policy at the same time, arguing that economic growth should be transferred from the government to the private sector and that government jobs "don't generate real long-term growth."