US Treasury Secretary Scott Bessent on Tuesday said during testimony before the House Appropriations Committee that trade deals may come ‘as soon a this week,’ and that while ‘many partners have good offers,’ there have been no discussions with China yet.
According to Bessent, there could be a ‘substantial reduction’ in tariffs on US goods, as the United States negotiates with 17 out of 18 key trade partners.
US Treasury Secretary Scott Bessent begins his testimony in front of the US House Appropriations Committee: pic.twitter.com/mbhBRtWYgq
— Yahoo Finance (@YahooFinance) May 6, 2025
Bessent also said that the US will ‘never default’ on its debt, and the Treasury will not use ‘gimmicks’ on the debt ceiling.
The US will never default on debt, according to US Treasury Secretary Scott Bessent. pic.twitter.com/AWuiupzo0T
— Yahoo Finance (@YahooFinance) May 6, 2025
Stocks spiked on the news:
Cheat Sheet:
Bessent laid out the entire strategy yesterday at the Milken conference…
“Reprivatizing the economy. On one side, we’re going to be bringing down government spending, which has been crowding out the private sector. We’re also going to be shedding excess labor on the government side. Then on the other side, we have a substantial financial deregulatory agenda coming.”
“The private sector can re-leverage, and we’re putting a special focus on community banks, small banks, small regional banks, which were very near what I would call an extinction event in the next 4-5 years. The idea is to get them lending again too.”
🚨 SCOTT BESSENT just laid out the entire strategy.
It’s absolute insanity that the Left opposes this. Trump’s team knows what they’re doing.
“Reprivatizing the economy. On one side, we’re going to be bringing down government spending, which has been crowding out the private… pic.twitter.com/9fi5ejs6kr
— Eric Daugherty (@EricLDaugh) May 5, 2025
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