Trump's Treasury secretary shuts down any tariff concerns, praises 'frictionless global trade'
Published On Feb 14, 2025, 8:57 AM
Scott Bessent, the U.S. Treasury Secretary, has dismissed concerns regarding tariffs, advocating for 'frictionless global trade.' He supports President Trump's new plan to implement reciprocal tariffs on countries that impose tariffs on U.S. goods, stating this will ultimately enhance global trade. Bessent indicated that this plan will include studies on tariffs by the Commerce Department and could generate substantial revenue for the U.S. if trading partners don't comply.
Stock Forecasts
XLI
Positive
The supportive comments from the Treasury Secretary suggest that there may be a strong commitment to trade policies that could reduce trade barriers, benefiting sectors like manufacturing and exports. Tariffs may initially be seen as a concern for consumers but could eventually stabilize and create a more competitive domestic environment.
Related News
Trump launches plan to target countries with 'reciprocal' tariffs
Feb 13, 2025, 4:42 PM
The US president ordered his staff to develop a response to countries with trade policies he says are unfair.
What to Know About the Anti-Bribery Law Trump Is Targeting
Feb 11, 2025, 4:02 PM
Federal prosecutors and securities regulators have gone after large companies for violations of the Foreign Corrupt Practices Act, which prohibits them from bribing foreign officials.
Trump's tariffs: Debate on if this means the end of the post-war free trade world
Feb 10, 2025, 8:05 PM
President Trump has proposed a sweeping set of tariffs. Does this mark the end of the post-war free trade world?