WASHINGTON, D.C. — During the first 100 days of President Donald J. Trump’s second term, the U.S. Department of the Treasury, under Secretary Scott K.H. Bessent, has taken significant steps to implement the Administration’s economic agenda focused on growth, security, and modernization.
Advancing the Administration’s Economic Vision
Secretary Bessent affirmed his commitment to President Trump’s vision for a stronger, more prosperous America. The Administration’s economic strategy—centered on tax cuts, deregulation, and tariffs—has been framed as a coordinated approach to revitalize domestic industry, raise wages, and drive sustained growth.
Secretary Bessent outlined this vision in two major policy addresses:
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March 6 at the Economic Club of New York, where he detailed efforts to revitalize the industrial base and reinforce economic security.
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April 9 at the American Bankers Association, where he emphasized the Administration’s focus on Main Street as well as Wall Street.
Labor Market Highlights
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345,000 jobs added since January 2025.
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228,000 jobs added in March, significantly surpassing forecasts.
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92% of March’s job gains came from the private sector.
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Unemployment at 4.15%, with increased labor force participation (62.5%).
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Nominal wages rose nearly 4% year-over-year; real wages increased by 1.4%.
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Inflation has moderated, with CPI at 2.4% as of March—its lowest since early 2021.
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Treasury and mortgage yields have declined, easing financial conditions.
Inflation and Interest Rates
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Inflation has slowed across several sectors, including energy, transportation, and lodging.
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The 10-year Treasury yield has fallen nearly 40 basis points since January.
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The 30-year fixed mortgage rate is down nearly 50 basis points.
Tax Reform Progress
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The Administration and Congress are working to extend and expand the Trump-era tax cuts.
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Budget resolutions passed in both chambers have paved the way for legislative action through reconciliation.
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Secretary Bessent meets regularly with Congressional leadership to drive the Administration’s tax priorities.
IRS Modernization and Cost Reduction
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$2 billion in savings from IT budget cuts and contract eliminations.
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A major staff restructuring is underway to ensure technical experts lead engineering functions.
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A new strategy is in place to double compliance and collections, while improving cybersecurity and taxpayer privacy.
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Efforts to reduce paper check usage aim to cut annual federal processing costs from $450 million to under $20 million.
Technology Overhaul and Cybersecurity
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Launch of the IRS Roadmapping Initiative and development of a Unified API Layer to streamline taxpayer services and reduce vulnerabilities.
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IRS is transitioning away from contractor reliance and legacy infrastructure, strengthening control over systems and data.
Ethics and Organizational Reform
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High-profile appointments, including the promotion of IRS whistleblowers Gary Shapley and Joseph Ziegler, signal a cultural shift toward transparency and accountability.
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DEI programs and contracts have been dissolved, aligning hiring practices with a merit-based focus.
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The historic front entrance of the Treasury reopened on February 19 after being closed since the pandemic.
Foreign Policy and National Security via Economic Pressure
Treasury has executed a robust sanctions strategy to counter threats from adversarial regimes and criminal organizations:
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Iran: Dozens of sanctions on individuals, vessels, and entities involved in oil exports, UAV procurement, terrorism financing, and cybercrime.
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Cartels: Targeted actions against smuggling networks, money laundering operations, and fentanyl traffickers.
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Other Threats: Sanctions on actors from China, Lebanon, and Russia involved in ransomware, cyber intrusions, and terrorist financing.
International Engagement and “America First” Economic Diplomacy
Secretary Bessent has engaged in over 38 bilateral meetings and calls with counterparts from Japan, the EU, China, Argentina, Türkiye, and others.
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On April 23, he called for rebalancing the global financial system during remarks at the World Bank-IMF Spring Meetings.
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On February 12, he visited Ukraine to propose a draft U.S.-Ukraine minerals agreement, supporting mutual economic interests and contributing to peace negotiations.
Looking Ahead
The Department continues to build momentum across domestic and international priorities. As Secretary Bessent stated, the Administration remains focused on strengthening the economy, modernizing government operations, and defending U.S. interests at home and abroad.
