US Finance Minister Scott Bessnt on Sunday hit a defiant tone in the face of global financial markets in response to new American tariffs and claimed that new duties were necessary and rejected the idea of causing a recession in the US.
“I see no reason we have to recession,” said Bessnt with NBC Meet the Press with Kristen Welker.
Bessnt gave no indication that President Donald Trump was willing to retreat to the extensive new tariffs he introduced last week. He said that more than 50 countries called the Administration seeking negotiations, but any interviews would take time.
From the US point of view, other countries are “bad actors for a long time,” Bessnt said, adding that problems cannot be negotiated within a few days or weeks.
“We will have to see what the country is offering and if it is believable,” he said. “I think we’ll have to see the way forward.”
He added: “After decades” bad behavior you can’t just wipe the slate. ”
Bessnt’s efforts to calm markets came the day after another 10% of duties on US imports came into force on Saturday. Other adapted tariffs up to 50% can enter imports from about 60 countries on Wednesday.
The announced tariffs will take us import taxes to their highest level in more than a century and have caused an extensive reduction in the expectation of growth for the American and global economies. JPMorgan economists said on Friday that they are now expecting the US to slip into the recession this year.
Trump, who spent the weekend Fielding phone calls and compete at the club championship in his golf club in Florida, said he wanted to transform the global economy in the advantage of America. They claim that tariffs will bring a wave of new investments because companies are building new factories in the US and bring jobs and wealth to the US.
The main goal of its anger is the US trade deficit in goods that reached $ 1 trillion last year. In the last two business days, US stocks have lost $ 5 trillion because investors have sold shares in anticipation of American and global economic slowdowns.
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(Tagstotranslate) US Finance Minister (T) Global Financial Markets (T) New US tariffs (T) US Recession (T) Deficit Trade
