As the U.S. stock market approaches a sell-off, U.S. Treasury Secretary Janet Yellen speaks out: Wall Street is not the focus!
Besant stated on Fox News on Tuesday: "In the medium term, which is our focus, it is about the ordinary people. Wall Street is performing well, and Wall Street can continue to perform well, but our focus is on small businesses and consumers. We will rebalance the economy."
On Tuesday morning Eastern Time, U.S. stocks fell sharply again due to Trump's tariffs. However, U.S. Treasury Secretary Janet Yellen is unfazed by this and remains confident in Trump's tariff plan, believing that Wall Street is not the focus.
Yellen stated on a Fox News program on Tuesday: "In the medium term, which is our focus, it is about the ordinary people. Wall Street is performing well, and it can continue to do well, but our focus is on small businesses and consumers. We will rebalance the economy."
Yellen believes that since the tariffs will take effect this month and next month, the market will experience a transition period, but she thinks the market sell-off is just a temporary phenomenon.
Yellen said, "For Canada and Mexico, I think we are in a transition period, and Honda moving to Indiana is a good start."
In terms of news, the U.S.-Canada tariff war has begun. President Trump confirmed that the U.S. would impose a 25% tariff on Canada starting Tuesday, prompting a swift retaliation from the Canadian government. Trump stated that he would immediately impose equivalent tariffs in response to Canadian retaliatory tariffs:
Canada will impose retaliatory tariffs on U.S. products worth a total of CAD 155 billion and will challenge U.S. tariffs through the WTO and the USMCA. The Premier of Ontario stated that the province will tax electricity exports to three U.S. states, including New York, at 25%, and warned that it may completely cut off energy exports to the U.S.
Trump later stated that if Canada imposes retaliatory tariffs on the U.S., the U.S. equivalent tariffs will immediately increase by the same amount.
Yellen's latest remarks seem to confirm earlier speculations. An article on Wallstreetcn previously mentioned:
After Trump's return to politics, there seems to be a shift in the focus of his economic policies.
Unlike the 1.0 era when he frequently boasted about the stock market gains, this time he rarely mentions the stock market and focuses more on lowering long-term bond yields.
This change raises questions: Has the priority of the stock market, once regarded as a benchmark by the Trump administration and even seen as a "KPI," been lowered? Are various uncertain policies shaking market confidence?