Scott Bessent, Secretary of Treasury, reportedly expressed optimism regarding President Donald Trump’s recent announcement of a 90-day tariff pause during a press conference at the White House.
The announcement reportedly followed days of intense speculation about its potential, and while some White House officials asserted that no negotiations took place, Bessent countered this narrative, stating that the tariff pause was a result of Trump’s effective negotiating strategy.
Bessent indicated that Trump’s approach had successfully encouraged over 75 countries to engage in discussions, showcasing the administration’s willingness to adapt and navigate the complexities of international trade.
He remarked on the courage it took for Trump to maintain his position leading up to the announcement, asserting, “We saw the successful negotiating strategy that President Trump implemented a week ago.”
Following the announcement, the Dow Jones Industrial Average experienced a notable surge, gaining more than 2,000 points.
This rally provided a much-needed boost for investors who had faced considerable losses in recent days due to previous tariff tensions.
Despite Bessent’s optimistic assessment, some observers viewed the 90-day pause as a concession to mounting political and economic pressures.
The pause came in the wake of Trump’s earlier tariff policies that had contributed to instability in the markets.
Bessent also left the door open for potential tariff reductions for China, suggesting a 10% rate could be achieved if China modified its retaliatory stance.
The White House’s mixed messages regarding negotiations and strategy drew attention, as Bessent’s comments contrasted sharply with official statements claiming no negotiations were involved.
This ongoing dialogue underscores the complexities of the current trade landscape and the varying perspectives within the administration.
[READ MORE: Rand Paul Continues Attacks on Trump Tariffs, Calls Them ‘Fundamentally Backwards’]
