Key Takeaways:
- Treasury Secretary Scott Bessent faced tough questions from Fox News about new tariffs and trade deals.
- Critics, including some on the right, are skeptical of Bessent’s vague answers.
- Financial experts say Bessent’s comments confused the markets and caused stocks to drop.
- The U.S. government is trying to balance tough trade talk with promises of new deals.
Stock Market Chaos: Critics Slam Treasury Secretary’s Trade Deal Promises
The U.S. stock market took a wild ride last week after President Donald Trump threatened heavy tariffs on goods from the European Union and Apple iPhones. The announcement sent stocks plummeting, and Treasury Secretary Scott Bessent’s attempt to calm nerves on Fox News only made things worse. Critics from both sides are now questioning whether the administration’s trade strategy is clear—or even real.
Bessent’s Cautious Tone Raises Eyebrows
On Friday, Fox News’s Bill Hemmer grilled Bessent about the president’s tariff threats and the potential for new trade deals. Bessent admitted the U.S. was in advanced talks with India but struggled to name any other countries ready to sign deals. When pressed for specifics, he vaguely said, “We’re gonna have to see.”
Even some conservative viewers expressed concern. One commentator, who describes himself as “anti-radical democrats,” tweeted, “Scott Bessent seemed more cautious than usual. I wonder what the real reason is? Maybe to lower expectations a bit?”
Critics Mock Bessent’s Vague Promises
Journalist Aaron Rupar shared a transcript of Bessent’s interview, highlighting how the secretary avoided giving straight answers. When asked which country might sign a trade deal next, Bessent said, “We’re far along with India. With the exception of the EU, most [countries] are negotiating in very good faith.”Pressed further, he dodged the question, saying, “We’re gonna have to see.”
A satirical account on X (formerly Twitter) mocked the exchange, imagining what might have been said next. It joked that Bessent’s trade deals exist “spiritually” but not on paper, and that the timing depends on whether anyone has a time machine.
Financial Experts Sound the Alarm
Financial advisors and market watchers were quick to react to Bessent’s comments. Many pointed out that the stock market didn’t buy his optimistic talk about new trade deals. “Markets didn’t buy the optimism,” one advisor tweeted.
Another expert, the kobeissi letter, noted, “You can’t make this up: The 10Y Note Yield is now up 6 basis points after Bessent’s comments. It seems he may have missed the memo that the tariffs were intended to lower yields.”
Spencer Hakimian, a money manager, went even further, calling the U.S. treasuries market “a full-blown meme stock.” He pointed out how yields spiked after Bessent’s interview, undoing the earlier decline caused by Trump’s tariff threats.
The Heated Exchange That Caught Attention
One heated exchange on social media summed up the frustration. A financial expert joked that the administration’s strategy seems chaotic:
- 7:43 AM: Trump threatens more tariffs. Yields drop.
- 8:05 AM: Bessent says not to take Trump seriously. Yields spike again.
- Result: The S&P 500 falls 200 points from its high.
The expert called it a “complete and absolute joke.”
What’s Next for Trade Deals?
Bessent promised that more trade deals are on the way, possibly as soon as July. But with tariffs on the table and markets on edge, many are wondering if these deals are real—or just talk.
The situation has left even Trump supporters scratching their heads. With tensions rising and the economy at stake, one thing is clear: the next few months will be critical for U.S. trade policy.
Stay tuned for updates as this story unfolds.