March 04, 2025 at 02:25PM
Bessent spoke on Fox earlier today.
“Over the medium term, which is what we’re focused on, it’s a focus on Main Street. Wall Street’s done great, Wall Street can continue to do fine, but we have a focus on small business and consumers,” Bessent said on Fox News. “So we are going to rebalance the economy.”
That’s not exactly inspiring and S&P 500 futures are down 36 points.
“With the China tariffs, I am highly confident that the Chinese manufacturers will eat the tariffs — prices won’t go up,” Bessent said. “With Canada and Mexico, I think we’re in the middle of a transition, and as you mentioned, Honda moving to Indiana is a great start.”
The comments hint at a US strategy of taking some short-term pain.
Commerce Secretary Howard Lutnick hinted at more tariffs (including on Mexico and Canada) on April 2.
This article was written by Adam Button at www.forexlive.com.