Treasury Sec. Bessent and Larry Kudlow participate in a fireside chat at G20 meeting — 9/1/26

Summary

Larry Kudlow and Treasury Secretary Scott Bessent use a G20 fireside chat to argue that the US economy is booming, driven by tax cuts, deregulation, AI leadership and energy dominance. Bessent defends US markets, saying Treasuries and stocks have been the best performers among major countries, and stresses onshoring critical supply chains including advanced semiconductors. Kudlow emphasizes a capex boom from 100% expensing and praises Japan's Abenomics while warning Europe remains sclerotic. Bessent also discusses the economic squeeze on Iran and free-market opportunities in the Western Hemisphere.

• Kudlow calls the US economic boom, not Treasury debt management, the real headline.
• US profits and the S&P 500 rally are cited, with profits up 53% year on year.
• Bessent sees the US as an AI superpower with global compute share rising from 60% to 80% by 2028.
• 100% depreciation is described as fueling a US capex, manufacturing and construction boom.
• US energy production and export dominance are highlighted, with output projected to reach 14.5-15 million barrels per day.
• Bessent says US bonds and stocks have been the best performing among major countries.
• Onshoring is emphasized, including a target to bring 35% of advanced semiconductor production back to the US.
• Bessent describes Iran's economic collapse, while both speakers see Latin America reforming and Europe as sclerotic.