U.S. Treasury Secretary Vincent: Trade issues are expected to be resolved by the end of October

In an interview with the Nikkei, US Treasury secretary David Bescent said President Donald Trump's tariffs were aimed at bringing manufacturing back to the US. Assessing the effect of his economic policies since Mr. Trump took office, Mr. Bescent said: "Trump's economic policies are like a three-legged stool - tax, trade and deregulation. On tax, we have completed the Big America Act at a record pace, which was signed into law on July 4. On trade, I think it will be mostly done by the end of October. As for deregulation, it is an ongoing process, and it has been made clear that for every new rule, ten old rules must be repealed." Mr. Bessant said the main reason for the shift in trade policy towards tariffs was rebalancing. "Tariffs should be like a melting ice cube over time. If production comes back to the US, then we will import less," he said.