Treasury Secretary Scott Bessent on Sunday rejected growing concerns of a recession and defended the Trump administration’s tariff policies.
During an appearance on NBC’s Meet the Press, Bessent said there was “no reason” to expect a recession and that the new policies would ultimately strengthen the American economy. “What we are looking at is building the long-term economic fundamentals for prosperity.”
Last week, President Donald Trump announced sweeping tariffs on U.S. trade partners, prompting JP Morgan to forecast a recession this year. Trump made the announcement on Wednesday, and stock market selloffs Thursday and Friday wiped out more than $6 trillion in value in the worst two-day crash since the Covid pandemic.
Addressing turmoil in the markets, Bessent said, “we get these short-term market reactions from time to time.” On X, Bessent posted a clip from the interview and wrote, “President Trump’s plan will reindustrialize the United States, revitalize the private sector and raise wages for hardworking Americans.”
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