During a Thursday visit to Minnesota, U.S. Treasury Secretary Scott Bessent discussed tariffs, investments and statewide fraud.

“For decades, Minnesota led the Midwest as a hub for culture, business and innovation. But in recent years, the leadership in Minnesota has knocked this great state and its people off course,” Bessent said in his speech to the Economic Club of Minnesota in Golden Valley.

Overregulation and the second-highest corporate tax rate in the country “have hurt job creators” and led to the state’s net outbound migration, Bessent said.

The recent 2026 Business Benchmarks report from the Minnesota Chamber of Commerce found that employers have growing concerns about Minnesota’s tax and regulatory environment discouraging investment.

Minnesota ranks 44th for overall tax competitiveness and has the sixth-highest personal income tax rate, per the report. Furthermore, a recent survey from Enterprise Minnesota found that 53% of manufacturers report the business climate is worsening due to new labor mandates.

In addition to business climate challenges, Minnesota is also facing workforce challenges due to declining birth rates and net migration.

From 1976 to 2000, Minnesota’s labor force grew by about 1.7% annually. Between 2019 and 2024, the workforce grew by 0.2% annually, according to the chamber’s report.

Here are three takeaways from Bessent’s speech.

Prosecute fraud

“Minnesota is ground zero for what may be the most egregious welfare scam in our nation’s history to date,” Bessent said, singling out Minnesota Gov. Tim Walz for blame.

Federal prosecutors estimate the state lost billions of federal dollars in recent years to Medicaid theft schemes. Federal fraud indictments continue to emerge in housing and autism programs after a federal investigation first became public in the summer of 2025.

In December, Assistant U.S. Attorney Joe Thompson announced new fraud charges in two Medicaid-funded programs and told reporters that the state could have lost $9 billion or more to fraud in 14 “high-risk” Medicaid-funded programs since 2018. Walz and other state officials have disputed that estimate.

“I am here this week to signal the U.S. Treasury’s unwavering commitment to recovering stolen funds, prosecuting fraudulent criminals, preventing scandals like this from ever happening again and investigating similar schemes state by state,” Bessent said.

Defend tariffs

During his remarks, Bessent gave credit to President Donald Trump’s tariffs, saying they have encouraged corporations to invest in the U.S.

“The upshot of President Trump’s trade agenda is trillions of dollars in new investment across a broad cross-section of industries — from automotive manufacturing and semiconductors to tech and pharmaceuticals,” he said.

Bessent also pointed out recent multibillion-dollar investment agreements from Minnesota companies like Medtronic, 3M and General Mills. Medtronic, though based in Ireland, was founded in Minnesota and maintains significant operations here.

“Investments like these translate to more jobs and more opportunity for workers in Minnesota and across the country,” he said.

The long term effects of Trump’s tariffs remain to be seen. The U.S. trade deficit has fallen significantly but, so far, manufacturing jobs have continued to decline.

The legality of Trump’s tariffs, which he imposed by invoking a 1977 law used for national emergencies, is expected to be ruled on Friday by the Supreme Court.

‘Trump accounts’

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One provision of the president’s tax bill, called “Trump Accounts,” aims to give every newborn citizen $1,000 to be invested in American companies.

The program, which is planned to launch in July, would allow the account holder access once they turn 18.

During Thursday’s event, Bessent urged Minnesota companies to match the $1,000 donation.

“You all can allocate directly to the children of Minnesota, Minneapolis, or any zip code of your choice,” Bessent said. “With your patronage, we can ensure a strong financial future for America’s children.”

Today is Friday, Jan. 9, the ninth day of 2026. There are 356 days left in the year.

Today in history:

On Jan. 9, 1945, during World War II, American forces began landing on the shores of Lingayen Gulf in the Philippines as the Battle of Luzon got underway, resulting in an Allied victory over Imperial Japanese forces.

Also on this date:

In 1861, Mississippi became the second state to secede from the Union, the same day the Star of the West, a merchant vessel bringing reinforcements and supplies to Federal troops at Fort Sumter, South Carolina, retreated because of artillery fire.

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Federal immigration officers shoot and wound 2 people in Portland, Oregon, authorities say

In 1916, the World War I Battle of Gallipoli ended with an Ottoman Empire victory as Allied forces withdrew.

In 2005, Mahmoud Abbas was elected president of the Palestinian Authority following the death of Yasser Arafat the previous November.

In 2007, Apple CEO Steve Jobs introduced the iPhone at the Macworld conference in San Francisco.

In 2018, downpours sent mud and boulders roaring down Southern California hillsides that had been stripped of vegetation by a wildfire; more than 20 people died and hundreds of homes were damaged or destroyed.

In 2022, 17 people, including eight children, died after a fire sparked by a malfunctioning space heater filled a high-rise apartment building with smoke in the New York City borough of the Bronx; it was the city’s deadliest blaze in three decades.

Today’s birthdays:

Musician-activist Joan Baez is 85.
Rock musician Jimmy Page (Led Zeppelin) is 82.
Singer Crystal Gayle is 75.
Actor J.K. Simmons is 71.
Actor Imelda Staunton is 70.
Nobel Peace Prize laureate Rigoberta Menchú is 67.
Actor Joely Richardson is 61.
Musician Dave Matthews is 59.
Rapper and singer Sean Paul is 53.
Actor Angela Bettis is 53.
Singer AJ McLean (Backstreet Boys) is 48.
Golfer Sergio Garcia is 46.
Catherine, Princess of Wales, is 44.
World champion bull rider J.B. Mauney is 39.
Actor Nina Dobrev is 37.

To cap a road trip that seemed like it would never end, the Minnesota Wild found a sudden and spectacular way to finish.

Mats Zuccarello’s overtime goal, after a set-up pass from Kirill Kaprizov, lifted the Wild to a 3-2 win over the Kraken in Seattle on Thursday night.

With the victory, they finished their seven-game road trip with a 4-1-2 mark, getting at least a point in all but one game.

Ryan Hartman and Brock Faber had first period goals for the Wild, who got 26 saves from Jesper Wallstedt to cool off the red-hot Kraken.

Seattle is now 8-0-2 in its last 10. The Wild out-shot Seattle 4-0 in overtime to win for the seventh time in a row when visiting the Kraken. With two assists in the game, Kaprizov now has reached the 50-point mark for the sixth time in his career.

Minnesota was held scoreless on its first power play, and was out-shot in the opening 20 minutes, but still emerged with a two-goal lead via two shots through traffic that found their mark.

Hartman got it going five minutes into the game when Kaprizov carried the puck into the zone, only to have it knocked off his stick. But the Kraken were slow to pounce on the takeaway, giving Hartman time to send a shot from distance past the Seattle goalie. It was the second consecutive game with a goal for Hartman.

Late in the first, Faber doubled the lead, completing a crisp passing play among the Wild’s other two Team USA Olympians. Passes from Matt Boldy and Quinn Hughes set up Faber for a long shot into the net’s top left corner. It was the 10th goal of the season for Faber, tying his career high.

Late in the first, Hartman clipped former Gophers captain Ben Meyers in the Seattle offensive zone, and was whistled for tripping. But Minnesota’s penalty killers, ranked atop the NHL when playing on the road, held the Kraken harmless.

The second period was all Minnesota early, with the Wild out-shooting Seattle 7-1 at one point, and coming perilously close to a three-goal lead. The the Kraken turned the tables in the final few minutes of the middle frame, forcing Wallstedt into the fight where he stopped everything thrown his way.

The third period began without second-line center Joel Eriksson Ek on the visitors bench, and the Wild juggled lines to account for his absence. With Minnesota looking disjointed in its own zone, the Kraken took advantage and cut the lead in half when Adam Larsson zipped a low shot from the top of the right circle.

Then the Wild ran into penalty trouble, with back-to-back trips to the penalty box. They killed the first one, but could not kill both, and the Kraken forged a tie near the midway point of the third.

Phillip Grubauer had 31 saves for Seattle. The Kraken will complete their season series with the Wild on April 7 with Seattle’s lone visit to St. Paul.

After completing their longest road trip of the season, and longest in franchise history in terms of most consecutive days away from home, the Wild are flying east to enjoy the comforts of home. They will play their next three at Grand Casino Arena, starting Saturday evening with a 7 p.m. opening faceoff versus the New York Islanders.

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The Timberwolves were beaten decisively both times they met Cleveland last season, as Minnesota had no answers for the Cavaliers’ dynamic offense.

The tables were turned Thursday at Target Center.

Minnesota delivered one of its most complete offensive performances of the season.

The Wolves shot 57% from the field while making 20 triples on a night when all five starters scored in double figures, with four of them recording 22-plus points.

Anthony Edwards finished with 25 points, a season-high nine assists and seven rebounds. Julius Randle had 28 points, 11 rebounds and eight dimes. Donte DiVincenzo scored 22 points, while Jaden McDaniels had 26 points on a hyper-efficient 11 for 14 shooting performance.

Thirty-three of Minnesota’s 51 buckets were assisted.

“It’s fun when we play like this, so connected,” Randle said in his postgame, on-court interview.

The Timberwolves (25-13) have now won four straight.

“I just think we’re focused as a group,” Randle said. “We’re starting to realize how good we can be, and it’s up to us to come out and prove it every night.”

The performance was highlighted by a volcanic third quarter in which the Wolves scored 43 points while shooting 70% from the field, including 7 for 9 from distance as they turned a four-point halftime deficit into a 17-point lead through three quarters.

Cleveland (pushed back in the fourth to make it interesting, getting to within four at multiple points in the closing minutes as Cavaliers guard Sam Merrill poured in a barrage of triples.

But the Wolves closed the door with good ball movement that resulted in a couple good looks for McDaniels, who put the game on ice.

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