U.S. Treasury Secretary "pushed the blame": The sharp decline in U.S. stocks is a problem of the Mag 7, not a problem of MAGA
U.S. Treasury Secretary Becerra stated that the sharp decline in U.S. stocks is due to issues with the Mag 7, not the MAGA. Affected by tariff policies, U.S. stock futures plummeted, with technology stocks like Apple, Tesla, and NVIDIA suffering heavy losses, and the Nasdaq index falling about 13% from its historical high. Becerra emphasized that the stock market peaked during the release of AI in China, suggesting that the Trump administration will continue to pursue protectionist policies and attribute negative consequences to other factors
Tariffs far exceeded expectations, and as U.S. stock futures plummeted, U.S. Treasury Secretary Bessent once again came forward to "defend" Trump, stating that the stock market decline is a problem of the Mag 7, not a problem of MAGA.
On Wednesday local time, Bessent stated in an interview, "I am trying to be the Treasury Secretary, not a market commentator. I want to point out that particularly the Nasdaq index peaked on the day DeepSeek was released, so this is a problem of the Mag 7, not a problem of MAGA."
According to Xinhua News Agency, U.S. President Trump signed two executive orders at the White House regarding so-called "reciprocal tariffs," announcing a 10% "minimum baseline tariff" on trade partners and imposing higher tariffs on certain trade partners.
As a result, U.S. stock futures plummeted. In the early Asia-Pacific session, U.S. stock prices fell sharply after hours. Apple's stock price fell as much as 7.58%, Tesla dropped over 6%, NVIDIA fell nearly 5%, TSMC ADR dropped over 5%, quantum computing concept stock QUBT fell nearly 6%, and Google dropped over 3%.
The Nasdaq index has fallen about 13% from its historical high set on December 16.
"If we create the best economic conditions, everything will be fine," Bessent stated in another interview on Wednesday night, "If you look back, the stock market actually peaked on the day China AI (DeepSeek) released its news. So a lot of what we are seeing is just a special tech stock sell-off."
Media analysis suggests that Bessent's statement is a clear signal for investors: the Trump administration will continue to pursue protectionist policies while attempting to attribute any negative consequences to other factors.
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