US Treasury Secretary Scott Bessent strongly supports the new tax reform bill in an interview with Bloomberg reporter David Westin. He stated that the tax reform will bring long-term certainty, helping to control the deficit and promote economic growth. The US House of Representatives recently passed the "One Big Beautiful Bill Act" proposed by President Trump, drawing significant attention to US tax policy.

This tax reform bill is viewed as an extension and expansion of Trump's 2017 tax reform, including large-scale tax cuts, adjustments to social welfare systems, and significant budget allocations for national defense and border security. Bessent pointed out that tax reform is one of the three pillars of US economic policy, along with trade and deregulation. This reform will make some of the tax cuts from 2017 permanent, thereby helping to build long-term confidence among businesses and markets.

On the issue of the fiscal deficit, Bessent mentioned that the government's goal is to reduce the deficit to 3% of gross domestic product (GDP) by 2028. He emphasized that current efforts focus on reversing the trend of steadily increasing deficits and added that the current budget assessment mechanisms do not account for potential future revenue sources, such as tariff revenues and savings from drug price reforms, suggesting that actual deficit performance may be better than anticipated.

Regarding the new round of tariff policies, Bessent indicated that while these measures are not essential for controlling the deficit, they will generate significant revenue for the federal government. He invoked the concept of the "Laffer Curve," believing that it will ultimately lead to a balanced tax revenue situation, noting that the US has initiated negotiation procedures with key trading partners like China within a 90-day timeframe. Currently, the US and the UK have reached preliminary agreements, but progress with the EU has been slow due to internal disagreements.

Despite the bond market's lukewarm response to the tax reform bill, Bessent noted that rising yields are a global market trend and that changes in US interest rates are relatively moderate. He believes that as economic growth gradually materializes, markets will reassess the positive impacts of the tax reform policy. When asked whether rising real interest rates reflect debt risks, Bessent stressed that the fundamentals of the US economy remain strong, and sustained growth will help improve debt dynamics, so he is not worried about short-term market fluctuations.

On the recent depreciation of the dollar, Bessent noted that this is mainly because of increased fiscal spending by European and Japanese governments, and not because of a weakening of the US economic fundamentals. He emphasized that Germany's and Japan's shift towards more expansionary policies has strengthened the euro and yen exchange rates. Lastly, Bessent reiterated that controlling the fiscal deficit is one of the core economic policies of the Trump administration. He stated that the government is conducting cross-department spending reviews through the Office of Management and Budget (OMB) and is pushing for fiscal reforms, stating that even though the Democrats oppose some issues, the White House will still work to cut waste and ensure policy implementation.