Treasury Secretary Scott Bessent Slams Trump Tariffs Critics As S&P 500 Rallies 20% Since April Announcement: 'They've Just Been Wrong'
U.S. Treasury Secretary Scott Bessent defended President Trump's tariff policies, highlighting a 20% surge in the S&P 500 since the April announcement. He criticized critics of the tariffs, asserting they were wrong about the economic impact. Bessent, a proponent of Trump's America-first policies, expressed optimism about the U.S. economy, attributing positive trends to tax reforms and an investment boom. However, economist Peter Schiff countered Bessent's views, warning of risks from rising federal debt and a weakening dollar.
U.S. Treasury Secretary Scott Bessent defending President Donald Trump's tariff policies, citing the significant surge in stock market since the April announcement of "Liberation Day" tariffs.
Stock Surge
Since the announcement of the tariffs in April, the S&P 500 index has surged by 20%, a fact Bessent cites as evidence against critics who predicted negative economic impacts.
"Where the hell is the market risk? They've just been wrong," said Bessent, according to a report by The Financial Times.
Bessent, a former hedge fund manager, has been a staunch advocate of Trump’s America-first policies, including aggressive tariffs and deregulation.
Bessent's Stint In Trump Administration
As the Treasury Secretary, Bessent has also been involved in efforts to overhaul the Federal Reserve and has supported the president’s attempts to remove certain officials, such as Fed Governor Lisa Cook.
"My job is to give the president options and outcomes and the president decides how far to push things," Bessent said.
Trump's Tax Reforms
Bessent has expressed optimism about the future of the U.S. economy, attributing positive trends to Trump’s tax reforms. He has highlighted the removal of taxes on tips, overtime, and Social Security, which he believes will boost real income.
Moreover, Bessent has credited the investment boom in the U.S. to Trump’s policies, emphasizing the sustainability of this growth. However, he noted that government shutdowns could pose challenges.
Despite Bessent’s positive outlook, not everyone agrees. Economist Peter Schiff has criticized Bessent’s stance on U.S.-China trade, arguing that China’s reduced reliance on American markets will strengthen its economy. Schiff points to the growing U.S. federal debt and a weakening dollar as potential risks.
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