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U.S. Treasury Secretary Bessant Makes Special Statements About the Fed and Tariffs
In the latest interview, U.S. Treasury Secretary Scott Bessent shared his views on the new trade agreement with Japan, the relationship with China, and the Federal Reserve. Mr. Bessent announced details of the trade agreement with Japan. This agreement will apply a new 15% tax on cars, and Japan will create an innovative financial mechanism to provide funding for the strategic industries of the United States. He noted that negotiations with the European Union are progressing slowly due to "common action issues" among the 27 member countries. The minister said he hopes to move beyond issues like rare earths and export controls to focus on "bigger discussions" at the meeting with Chinese partners in Stockholm. Mr. Bessent spoke about the potential for a "big and beautiful rebalancing," where the United States focuses on production and China focuses on consumption. He also suggested that a new purchase agreement similar to the previous administration's Phase One deal is feasible. Bessent stated that he believes the Fed's analysis of tariffs is "somewhat skewed" and he does not see price pressure from them. He believes that the current Fed Chairman Jerome Powell should resign to protect the independence of the organization. He also explained that the strategy of using high tariffs by President Trump is aimed at creating "maximum negotiating leverage," and that his actions, while not always easily noticeable to the market, are part of the plan.