Treasury Secretary Scott Bessent laid out President Donald Trump‘s second-term strategy for tackling the economy in an op-ed for the Wall Street Journal.

Trump has been significantly more aggressive with tariffs than during his first term, which has drawn criticism for the possible added costs they may be putting on consumers.

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Bessent said Trump wants to strengthen “both the shop floor and the trading floor” in three steps: a renegotiation of global trade deals, a permanent 2017 tax cuts plan for Americans with new additions such as no tax on tips, overtime, and Social Security, and a deregulation of the economy.

“How do you reunite a country divided by trade? How do you ensure all Americans can succeed going forward, while enhancing national security? These questions are top of mind for the new administration. Our economic agenda seeks to answer them,” Bessent said.

“Mr. Trump intends to usher in the most prosperous decade in American history — but not at the cost of the spiritual degradation of the working class,” he added.

The first part of the plan was Trump’s tariffs, which he began implementing in early April on “Liberation Day.”

“Economic security is national security,” and the tariffs “can increase our industrial capacity and strengthen our national security by reshoring supply” while raising money, Bessent said.

Trump issued a 10% flat tariff on most U.S. trade partners with an additional “reciprocal” tariff based on what those countries tax the United States. He also targeted China, hiking its tariffs to 145%.

Secondly, the administration wants to make Trump’s 2017 tax cuts, which expire at the end of 2025, permanent and implement Trump’s campaign promise to end taxes on tips, overtime, and Social Security.

“Advancing these reforms and making the 2017 tax cuts permanent will provide individuals and businesses with certainty and build economic momentum,” Bessent said.

Bessent cited estimates that failing to extend the tax cuts “would cost a median-income family with two children more than $4,000 in take-home pay.” Congressional Republicans are grappling with how to pass Trump’s tax priorities, though they have been unsuccessful.

Lastly, Bessent said he believes “America must build again” to boost the nation’s industrial capacity and embrace “an ambitious deregulation agenda.”

“Removing harmful regulations will allay the national debt and result in savings for individuals and businesses,” he added.

Bessent said a large part of that objective is achieving the administration’s energy goals.

“Energy will fuel our manufacturing renaissance. The president has declared a national energy emergency, opened 1.53 million acres in Alaska for energy development, and lifted the Biden administration’s pause on liquefied natural gas terminals. The average price of gasoline is 50 cents lower than a year ago,” he said.

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Bessent also said he believes the public will see the economy boom later in the year.

“This is just the cylinder firing. The American people should expect to hear the engine humming during the second half of 2025,” Bessent concluded.