Pleased to welcome @LuisCaputoAR and the Argentine delegation to the @USTreasury.

During their time here in Washington, we will continue our productive discussions on the several options that Treasury has at the ready to support Argentina’s strong policies.

Two years ago today, Hamas unleashed the horrific October 7th terrorist attacks on innocent civilians. We will never forget the victims or the evil of that day. On this solemn anniversary, we honor their memory and reaffirm our support for Israel as @POTUS continues to pursue peace and stability across the region.

My thanks to Secretary @HowardLutnick for hosting today’s Kennedy Center Sukkah of Hope. I was deeply moved by the immense faith and strength of the hostage families and survivors.

The Trump Administration remains committed to achieving lasting peace and bringing the hostages home.

The purpose of Dodd-Frank was to end “too big to fail.” But it ended up creating “too small to succeed.”

The post-2008 regulatory framework entrenched the dominance of the largest banks by rewarding economies of scale and lucrative lobbying operations in Washington. What followed was a community bank bottleneck that left America’s hometowns reeling.

The time has come for a community bank comeback. That’s why @POTUS is re-empowering heartland bankers by rolling back the harmful regulations of his predecessor to drive growth and prosperity on Main Street.

The @USTreasury has concluded 4 days of intensive meetings with Minister @LuisCaputoAR and his team in DC. We discussed Argentina’s strong economic fundamentals, including structural changes already underway that will generate significant dollar-denominated exports and foreign exchange reserves.

Argentina faces a moment of acute illiquidity. The international community – including @IMFNews – is unified behind Argentina and its prudent fiscal strategy, but only the United States can act swiftly. And act we will.

To that end, today we directly purchased Argentine pesos.

Additionally, we have finalized a $20 billion currency swap framework with Argentina’s central bank. The U.S. Treasury is prepared, immediately, to take whatever exceptional measures are warranted to provide stability to markets.

I emphasized to Minister Caputo that @POTUS @realDonaldTrump’s America First economic leadership is committed to strengthening our allies who welcome fair trade and American investment.

I continue to hear from American business leaders who, thanks to President Milei’s leadership, are eager to tie the American and Argentine economies more closely together. The Trump administration is resolute in our support for allies of the United States, and to that end we also discussed Argentina’s investment incentives, and U.S. tools to powerfully support investment in our strategic partners.

Minister Caputo informed me of his close coordination with the IMF on Argentina’s commitments under its program. Argentina’s policies, when anchored on fiscal discipline, are sound. Its exchange rate band remains fit for purpose.

We reviewed the broad political consensus in Argentina for the second half of President @JMilei’s term. I was encouraged by their focus on achieving fiscally sound economic freedom for the people of Argentina via lower taxes, higher investment, private sector job creation, and partnering with allies. As Argentina lifts the dead weight of the state and stops spending into inflation, great things are possible.

The success of Argentina’s reform agenda is of systemic importance, and a strong, stable Argentina which helps anchor a prosperous Western Hemisphere is in the strategic interest of the United States. Their success should be a bipartisan priority.

I look forward to the meeting between President Trump and President Milei on October 14, and to seeing Minister Caputo again on the margins of the IMF Annual Meetings.

President @JMilei is trying to break 100 years of bad cycles in Argentina. He is a great ally of the U.S. and we look forward to his Oval Office visit next week. We do not want another failed or China-led state in Latin America. Stabilizing Argentina is America First.

The American people are being held hostage by @SenSchumer’s poll numbers.

Democrats are dragging out this shutdown to protect their political standing while the economy and working families suffer.

Republicans passed a clean CR. It’s time for Democrats to stop playing games and reopen the government.

Today’s Monthly Treasury Statement reflects what I’ve been saying: Strong private sector led growth alongside constrained federal spending means the deficit to GDP will take care of itself.

FY 2025’s deficit to GDP is now projected to be under 6%. And with continued fiscal restraint, we can reach 3% by 2028.

September’s monthly surplus of $198 billion was the largest surplus of any September on record and 147% higher than last year.

The United States stands with Argentina. Yesterday, Treasury bought pesos in the "Blue Chip Swap" and spot markets. Treasury remains in close communication with Argentina's economic team as they work to Make Argentina Great Again. Treasury is monitoring all markets, and we have the capacity to act with flexibility and with force to stabilize Argentina.

This evening, Vice Premier He Lifeng and I engaged in frank and detailed discussions regarding trade between the United States and China.

We will meet in-person next week to continue our discussions.

Today at @APEC, I met with Prime Minister @LawrenceWongST of Singapore to discuss key shared priorities, including increasing adoption and use of digital assets and U.S. dollar stablecoins, halting purchases of Russian and Iranian oil, and their continued capital flows into U.S. assets.

https://www.wsj.com/opinion/how-to-make-main-street-banks-great-again-bessent-hagerty-wall-street-9a695c07?st=c1UgUp

It’s called “The Wall Street Journal” and not “The Main Street Journal” for a reason: the @WSJ Editorial Board has a built-in bias towards big banks. That bias was on full display this month in an editorial that shrugged off the damage Dodd-Frank has inflicted on small and mid-sized banks.

In a response to the Board, @SenatorHagerty and I explain how raising the FDIC limit to capture business and payroll accounts could pave the way for a community bank comeback.

17 years after the white paper, the Bitcoin network is still operational and more resilient than ever. Bitcoin never shuts down.

@SenateDems could learn something from that.

Honored to participate in @APEC 2025 on behalf of @POTUS @realDonaldTrump. My thanks to President @Jaemyung_Lee for hosting us in Gyeongju.

The United States is ready to work with APEC partners to promote resilience, prosperity, and stability across the Pacific and beyond.

Since Inauguration Day, market pundits and so-called “experts” have continually attempted to undermine the Administration through negative rhetoric and fearmongering, pushing narratives like “Sell America.” And since that day, they have been dead wrong.

Thanks to the One Big Beautiful Bill, tariff revenue, and lower inflation, the S&P 500 sits near all-time highs. And just as importantly, the U.S. Treasury market’s total returns year to date are 6% (its best year since 2020 and the best of all developed bond markets this year). In fact, U.S. borrowing costs across the curve (from 2-year notes all the way to 30-year bonds) are down year to date.

Other developed bond markets cannot say the same. The U.S. 10-year term premium is basically unchanged while term premiums in other bond markets are rising. Lower Treasury borrowing costs mean lower corporate borrowing costs, lower mortgage rates, and lower car payments for Americans. The U.S. Treasury market is the world’s deepest and most liquid market, and it shows.

A short time ago, I arrived back at @USTreasury after watching arguments before the U.S. Supreme Court on the International Emergency Economic Powers Act (IEEPA).

U.S. Solicitor General D. John Sauer presented strong, persuasive arguments on the necessity of using IEEPA tariff authority to confront the emergencies President Trump has declared.

More importantly, the plaintiffs’ attorneys, Neal Katyal and Benjamin Gutman, espoused arguments that reflected foundational misunderstandings and misrepresentations about the Trump Administration’s trade goals.

Using IEEPA, President Trump has sought to rebalance decades of unfair trade against the United States that has brought us to a tipping point. The goal of his agenda is bringing back manufacturing and balancing the crisis-level deficits and trade barriers with our global trading partners.

The tariff income is incidental to these urgent goals – not the underlying reason for their application. In fact, as I have said many times, as the terms of trade are made more fair, U.S. manufactured items will replace imported goods. Tariff revenues will shrink, and U.S. domestic tax receipts will surge.

Showing their dramatic lack of economic understanding, Messrs. Katyal and Gutman argued that a President does have the authority to impose an embargo or quotas on other countries because those actions do not affect government revenues. Of course, they do. What embarrassing statements to make in front of SCOTUS.

Furthermore, in a statement bordering on the absurd, Oregon Solicitor General Gutman said that he believes IEEPA gives POTUS authority to impose a full embargo on a country but not a 1% tariff.

President Trump has used the IEEPA authority to address the fentanyl crisis, bring us back from the edge on trade policy, secure rare earths from China, and curtail the purchases of Russian oil – all urgent national security issues.

Economic Security is National Security, and IEEPA provides a powerful tool for President Trump to protect our people, our economy, and our nation.

President Trump has used the IEEPA authority to address the fentanyl crisis, bring us back from the edge on trade policy, secure rare earths from China, and curtail the purchases of Russian oil — all urgent national security issues.

On his first day in office, President Trump issued an Executive Order to establish the US as a global leader in rare earths. Now, a South Carolina-based company has developed the first magnet made in America in 25 years.

We are loosening the chokehold China has on this critical sector. South Carolina led the way, and the US is taking back control of its supply chains.

America’s economy continues to defy expectations. 119,000 new jobs in September — the strongest gain since April.

The American worker is resilient, and our America First policies are driving a comeback built on strength, jobs, and opportunity.

Today, Treasury and the IRS released new guidance to help American workers claim deductions for tips and overtime pay under the One Big Beautiful Bill.

Thanks to President Trump, this historic law ensures millions of hardworking Americans will keep more of what they earn.

With the American people just now emerging from the longest and most devastating government shutdown in U.S. history, we cannot ignore the weapon Senate Democrats used to take the country hostage.

If the radical left once again chooses to shut down the government in January, Republicans should move to immediately end the legislative filibuster.