Treasury Secretary Scott Bessent predicted on Sunday that President Donald Trump will strictly enforce any agreement reached with Iran.

He expressed confidence that energy prices would decline and the U.S. economy would remain resilient despite recent geopolitical tensions.

“What I have confidence in is that President Trump is going to hold them to it,” Bessent said during an interview at the Reagan National Economic Forum in Simi Valley, California. “If President Trump agrees to this deal, I would tell the Iranian leaders right now, he will enforce it, both militarily and economically.”

One key benchmark would be restoring freedom of navigation through the Strait of Hormuz, he added. 

“This is a chance for the Iranian leadership to become a normal country,” he said. “They’ve been a pariah country for 47 years. They’re the largest state sponsor of terrorism.”

He credited a combination of military pressure, sanctions, and blockades for bringing Iran to negotiations.

Asked whether Trump would “finish the job” in Iran, Bessent said success should be measured by preventing Tehran from obtaining a nuclear weapon and ensuring maritime security.

“If finishing the job means making sure that the Strait of Hormuz is open, that we get the highly enriched uranium, and that Iran doesn’t have a nuclear weapon, that is finishing the job,” he said.

Turning to the economy, Bessent said recent inflationary pressures were limited and largely driven by energy costs.

“It’s a very limited spike, I think,” he said. “If you look, it’s energy-driven; it’s supply shock. We will get to the other side of this.”

Bessent said financial markets were looking beyond current disruptions and reflected confidence in the administration’s broader strategy.

“Markets live in the future,” he said. “Markets are looking through this.”

He also predicted lower energy prices in the months ahead.

“Oil prices, crude, West Texas is down about 20, 25% from the closing peak,” Bessent said. “Gasoline prices are down, I think, about 5% now, and they will go back down.”

Bessent pointed to several Trump administration tax policies as helping consumers, including provisions affecting Social Security benefits, tipped income, overtime pay, and auto loans.

He also highlighted growth in manufacturing and factory construction.

“We’re seeing factory construction and manufacturing construction up 17%, 19%,” Bessent said. “Construction jobs of facilities turn into manufacturing jobs.”

Asked about legislation pending in Congress, Bessent said he remained confident Republicans would advance key priorities despite delays in passing a reconciliation package.

“We will get this done,” he said. “They do want to work with President Trump and for the American people.”

Bessent also urged lawmakers to pass the CLARITY Act, arguing it would strengthen the U.S. cryptocurrency industry.

“If we bring it onshore, have U.S. best practices, a great regulatory framework like we do with securities, like we do with commodities, then that will be very important for crypto,” he said.

On trade policy, Bessent said temporary tariffs imposed under emergency authority may expire, but tariffs could be recalibrated to match trade agreements negotiated with foreign countries.

“The EU’s willing to pay 15% tariffs and take down the tariffs on us,” he said. “It’s an incredible deal.”

Bessent also promoted the administration’s Trump Accounts program, which provides government-seeded investment accounts for eligible children.

“Treasury will seed those accounts with $1,000,” he said. “Anyone with children under 18 should open a Trump account.”

Asked about long-term federal spending, particularly entitlement programs, Bessent said the administration remains focused on reducing deficits before tackling broader structural reforms.