Treasury Secretary Scott Bessent spoke out on Sunday, addressing worries about a potential recession and defending the tariff policies of the Trump administration. During his appearance on NBC’s Meet the Press, he stated that there was “no reason” to expect a recession and expressed confidence that new economic policies would ultimately benefit the American economy. He emphasized the importance of building strong economic foundations for future prosperity.
His comments came shortly after President Donald Trump announced significant tariffs on U.S. trade partners. This announcement led JP Morgan to predict a recession later this year. The stock market reacted sharply, experiencing its worst two-day drop since the onset of the Covid pandemic, losing more than $6 trillion in value.
Bessent addressed the market’s volatility, explaining that such short-term reactions are not uncommon. He took to social media to share a clip from his interview, reiterating that Trump’s strategy aims to revitalize American industry, boost the private sector, and increase wages for workers.
As the administration faces criticism over its economic policies, Bessent’s remarks highlight a commitment to long-term growth, despite current market challenges.