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Bessent said the Trump administration sees a long-term role for tariff revenue in U.S. fiscal policy, and he backed Trump’s assertion that the levies could help pay for tax cuts.

Treasury targets Iran, plus GOP meets with a16z, UAW

The Treasury Department announced new sanctions targeting an Iranian crude oil network with links to China.

The sanctions – the first introduced since Treasury Secretary Scott Bessent was sworn into the job – focus on Sepehr Energy, which the government said operates “under the umbrella” of the Iranian military.

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