U.S. Treasury Secretary Scott Bessent told reporters that President Trump is looking to make it highly profitable for companies to bring production back to America with a combination of tax incentives, deregulation and cheap energy.

In a briefing on Tuesday, Bessent referenced the president’s 2017 tax bill and noted that one of its most powerful provisions was that it allowed “full expensing of equipment” to incentivize the construction of new factories in America.

Bessent said that Trump, in his speech to Congress, promised to make that provision retroactive to Jan 20 and is also looking to add “full expensing for factories” which will allow manufacturers to fully expense the equipment and the building.

Bessent told reporters, “We will couple that with deregulation, cheap energy and regulatory certainty and that will continue to make the U.S. the greatest destination for domestic and foreign investment.”

Creating the economic conditions that incentivize private industry to invest and making America prosperous again has been a top priority of the Trump administration, according to Bessent, who pointed out that Trump has used the first 100 days of his administration to set the table for success.

Deputy Treasury Secretary Michael Faulkender told Fox Business that the Trump administration, in its first 100 days, has persuaded more capital to invest in the U.S. than the Biden administration did in four years.

Since taking office, the president has managed to secure nearly $3 trillion in commitments to invest in the U.S. from companies like Apple, OpenAI and NVIDIA.

Bessent said he is honored to help Trump implement his vision and is “actively working to restore American greatness and usher in a new golden age of prosperity.”