U.S. President Donald Trump's tariff plans are largely aimed at bringing manufacturing back to the United States, Treasury Secretary Scott Bessent told Fox Business on Wednesday, singling out medical supplies and shipbuilding as targeted sectors.

Treasury Secretary Scott Bessent said Donald Trump is not asking the Federal Reserve to lower its short-term interest rates, but what he and the president do want is to bring down longer-term borrowing costs via 10-year Treasury yields.

In a letter to Key Square Capital Management partners sent a year ago, US Treasury Secretary Scott Bessent said that “tariffs are inflationary and would strengthen the dollar—hardly a good starting point for a US industrial renaissance.”

Treasury Secretary Scott Bessent said Donald Trump is not asking the Federal Reserve to lower its short-term interest rates, but what he and the president do want is to bring down longer-term borrowing costs via 10-year Treasury yields.

The Trump administration is more focused on keeping Treasury yields low rather than on what the Fed does, Treasury Secretary Scott Bessent said. Bessent indicated that Trump will not be hectoring the Fed to cut,

Treasury Secretary Scott Bessent, shown at a confirmation hearing, said President Donald Trump is "not calling for the Fed to lower interest rates." AFP President Donald Trump is focused on 10-year Treasury yields to bring down borrowing costs rather than the Federal Reserve actions on short-term interest rates,