Treasury Secretary Scott Bessent dismissed stress surrounding the property market and rather reaffirmed his support of the taxes imposed by the Trump administration.
Bessent appeared on NBC News’s Meet the Press Sunday after a six-week fall in the S&, P 500. The property market closed on Friday with a 10.5 % cut, which is the lowest level since April 2024, as some anticipated the oncoming 10 % foundation tax against 86 states that began Saturday. Bessent even pointed out that Friday was a time that saw “record level”.
” I reject that the premise — there doesn’t have to be a recession. Who knows how the market is going to behave in a day, in a year? What we’re looking at is building the long-term financial elements for success that I think the preceding administration had put us on a program toward economic calamity”, Bessent said.
Guest Kristen Welker asked the secretary about President Donald Trump’s Truth Social post asking the American citizens to “hang hard” amid taxes against foreign goods. Welker prodded about the employees who’d like to leave quickly having their pensions affected by the current state of the marketplaces.
” I think that’s a false tale. Americans who want to leave right then, Americans who have put away for years in their savings, consideration, I think they don’t look at the day-to-day oscillations of what’s happening”, Bessent said. ” Citizens have a long-term perspective. They have a plan, that the reason the property market is considered a good investment, is because it’s a long-term funding, if you look day to day week to week, it’s very difficult. Over the long-term, it’s a good investment”.
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While the majority of the taxes are mutual, some 17 states that are facing U. S. taxes did not previously had tariffs against U. S. products. However, Bessent assured that the management is going to “hold the training” and continue with its approach.
While the benchmark price is in effect, the greater mutual tariffs won’t start until April. 9.
