President-elect Donald Trump’s nominee to lead the Department of the Treasury had to remind one Democrat senator during Thursday’s confirmation hearing that China is not doing its part to participate in a “clean energy race.”
Senator Ron Wyden (D-Ore.) asked Scott Bessent whether he supports getting rid of tax credits for products that are low- or zero-emissions.
‘Free trade must be also balanced against fair trade.’
“The more you reduce carbon, the bigger your tax savings. Now there is a big effort in the Trump administration to reverse it. I think that’s going to be bad for the economy, but it is going to be damn good for China, because we are in an arms race on clean energy with them. Are you going to be on the side of people who want to unravel this?” Wyden asked.
“Senator Wyden, just so we can frame this for everyone in the room, China will build a hundred new coal plants this year. There is not a clean energy race. There is an energy race,” Bessent replied.
“China will build 10 nuclear plants this year. That is not solar. I am in favor of more nuclear plants. And I would note that the IRA, as scored by the CBO, is wildly out of control in terms of spending on the upside,” he continued.
Bessent continued to show his tough stance on ensuring that free trade with countries like China does not come at the cost of the average American.
“Free trade must be also balanced against fair trade, and clearly what has happened is the trade has not been fair. That has fallen on the American workers. … China is the most unbalanced economy in the world. They are in a severe recession/depression … and they are attempting to export their way out of that, as opposed to doing the much-need internal rebalance,” he explained.
During the hearing, Bessent further noted that the United States does not have a revenue problem but that it has a spending problem that it needs to get under control.
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