In an interview with MSNBC, the U.S. Treasury Secretary said there’s “something wrong” when the Federal Reserve doesn’t cut interest rates even after the jobs data was revised.
U.S. Treasury Secretary Scott Bessent on Thursday said there’s “something wrong” when the Federal Reserve doesn’t cut interest rates even after the jobs data was revised.
In an interview with MSNBC, the Treasury Secretary also noted that the trade deals with other countries are “largely done”, citing that tariffs could bring in over $300 billion in the coming year. In addition, he announced that Micron Technology (MU) would invest $200 billion in the country.
According to Bessent, President Donald Trump’s new duty policy is not the “biggest trade shock” since 1935, referring to when the Smoot-Hawley Tariff Act, which raised levies on over 20,000 imported goods, was introduced to counter the effects of the Great Depression.
He did, however, describe the shift in policy with China as a “reset” and a “trade shock.”
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