US Treasury Secretary downplays threat of recession in America — CNBC

US Treasury Secretary Scott Bessant downplayed concerns about a recession and market fluctuations, asserting that President Donald Trump's policies are strengthening the nation's long-term economic outlook.

In an interview with NBC News, Bessant dismissed the claim that some Americans are delaying retirement due to the recent stock market decline as a ‘false narrative.’ He noted that most people do not rely solely on stocks and remain focused on long-term savings.

Bessant also minimized the market’s negative reaction to Trump’s tariffs, emphasizing that the incumbent president has been consistently underestimated.

The official attributed the current economic difficulties to past trade policies, citing ‘unsustainable’ trade surpluses and deficits, and urged adherence to the current strategy despite short-term market volatility.

Meanwhile, Trump voiced support for his tariff policy, urging American citizens to ‘hang tough’ amid the market slump. Following the announcement of the restrictions, US stocks fell to their lowest level since the onset of the COVID-19 pandemic, CNBC reported.