Now that we are six months into the second Trump administration, it is worth revisiting the economic philosophy that I refer to as “TrumpBessenomics.” The term captures the fusion of Donald Trump’s populist, growth-oriented agenda with the strategic and data-driven approach of Treasury Secretary Scott Bessent.

While it is too early to evaluate the effectiveness of "TrumpBessenomics", what follows is a targeted assessment of actual policy execution and economic outcomes so far, focused on four key areas: growth and markets, fiscal policy, trade strategy, and institutional integrity.

By David Tepp

Published in Advisor Perspectives August 12, 2025

Sources:

• https://www.wsj.com/opinion/bessents-3-3-3-economic-growth-plan-and-the-5-4-3-threat-treasury-secretary-nominee-387250a8
• Oxford Economics, “Q2 GDP Rebound Masks Glowing Fundamentals,” written by Bernard Yaros, July 30, 2025
• BCA Research, “One Big Beautiful Basket,” written by Max Malakveitshouk, July 16, 2025
• https://www.cnn.com/2025/05/30/politics/doge-musk-government-savings
• JP Morgan Chase, “Guide to the Markets,” July 31, 2025
• Oxford Economics, “Made in America – The Manufacturing Sectors With the Best Prospects,” written by Nico Palesch, July 22, 2025
• Oxford Economics, “PCE Nowcast – Tariffs Are Starting to Hit Inflation,” written by Grace Zwemmer, July 16, 2025
• Oxford Economics, “ICE Arrests Proving a Hinderance to Labor Force Growth,” written by Matthew Martin, August 4, 2025