Treasury Secretary Bessent says U.S. GDP growth can return to 3% before end of the year

Treasury Secretary Scott Bessent expressed confidence Wednesday that the U.S. economy can get back on the path to 3% growth as the Iran war nears conclusion. "We can have something with a three in front of it this year," Bessent said in a live interview on CNBC's "Squawk Box." "The underlying economy has been strong." Growth, however, has been slow over the past two quarters as the domestic economy has battled a number of factors including a resurgence in inflation, what had been a moderating labor market and the impact of President Donald Trump's tariffs. Gross domestic product rose at a 1.6% annualized rate in the first quarter after rising just 0.5% in the fourth quarter of 2025, concluding a year of 2.1% growth. However, Bessent reiterated that his "3-3-3" plan is still in reach — 3% growth, a 3% deficit-to-GDP rate, and a three million barrels per day increase in domestic oil production. He estimated that the economy was running at about a 4% growth rate in February, just prior to the U.S. and Israel launching their attack on Iran. On the deficit goal, he said, "I think by the end of the president's term we can be at something that looks like it could have a three in front of it. …