Bessent appeared on NBC News’s Meet the Press Sunday after a six-week slump in the S&P 500. The stock market closed on Friday with a 10.5% drop, which is the lowest point since April 2024, as many anticipated the impending 10% baseline tariff against 86 countries that began Saturday. Bessent also pointed out that Friday was a day that saw “record volume.”
“I reject that the assumption — there doesn’t have to be a recession. Who knows how the market is going to react in a day, in a week? What we’re looking at is building the long-term economic fundamentals for prosperity that I think the previous administration had put us on a course toward financial calamity,” Bessent said.
Host Kristen Welker asked the secretary about President Donald Trump’s Truth Social post asking the American people to “hang tough” amid tariffs against foreign goods. Welker prodded about the workers who’d like to retire immediately having their retirement affected by the current state of the markets.
“I think that’s a false narrative. Americans who want to retire right now, Americans who have put away for years in their savings, account, I think they don’t look at the day-to-day fluctuations of what’s happening,” Bessent said. “People have a long-term view. They have a program, that the reason the stock market is considered a good investment, is because it’s a long-term investment, if you look day to day week to week, it’s very risky. Over the long-term, it’s a good investment.”
TRUMP URGES OPTIMISM AND PATIENCE WITH TARIFFS AND ECONOMY: ‘WE WILL WIN. HANG TOUGH’
While the majority of the tariffs are reciprocal, some 17 countries that are facing U.S. tariffs did not previously have tariffs against U.S. goods. Still, Bessent assured that the administration is going to “hold the course” and continue with its strategy.
While the baseline tariff is in effect, the greater reciprocal tariffs won’t begin until April. 9.
This article was originally published at www.washingtonexaminer.com
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