Treasury Secretary Says The Market Underestimates Trump | EUROtoday

Treasury Secretary Scott Bessent mentioned “there doesn’t have to be a recession,” and the market persistently “underestimates Donald Trump.”

“There doesn’t have to be a recession,” Bessent mentioned on Sunday’s episode of “Meet The Press.” “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 for financial calamity.”

He mentioned the market “underestimates Donald Trump,” as he remembers when the inventory market crashed the evening Trump received in 2016.

After Trump applied tariffs on virtually each nation on the planet, and the inventory market subsequently misplaced greater than $6 trillion in worth, Trump wrote on Truth Social to “hang tough.”

“THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN,” Trump wrote Saturday. “HANG TOUGH, it won’t be easy, but the end result will be historic.”

Bessent mentioned proper now’s an “adjustment process,” and the administration goes to “hold the course.”

Analysts have predicted {that a} recession is coming quickly, however Bessent mentioned he doesn’t imagine Trump’s tariffs are inflicting a attainable recession.

“I think we can see from the jobs number on Friday that was well above expectations that we are moving forward,” Bessent mentioned. “I see no reason that we have to price in a recession.”

U.S. employers added 228,000 jobs in March, up from 117,000 in February. The unemployment charge ticked as much as 4.2%, too.

When requested about Americans who need to retire now however have simply watched their life financial savings deplete within the inventory market, Bessent mentioned “most Americans” don’t have “everything” available in the market and in accordance with him, they don’t watch the inventory market day after day.

“The reason the stock market is considered a good investment is because it’s a longterm investment,” Bessent mentioned. “If you look day to day, week to week, it’s very risky. Over the longterm, it’s a good investment.”