Trump: I went on television, shocking the market; Treasury Secretary Basant has calmed the market down, which is a good thing
U.S. President Trump discussed the impact of his speeches on the market and mentioned that Bessent calmed market sentiment. He also stated that tariffs have barely begun, only imposing tariffs on automobiles and steel; the Federal Reserve FOMC should lower interest rates to below 1%, and there is no inflation in the U.S
On Monday local time, U.S. President Trump discussed the impact of his remarks on the market and stated that Treasury Secretary Mnuchin has calmed market sentiment. He said:
I go on television, and it shocks the market.
Treasury Secretary Mnuchin has calmed the market, which is a good thing; he has done well.
Trump's latest remarks echoed his previous statements. In May of this year, after the U.S. stock market experienced a significant shock in April due to tariffs, Trump stated that Treasury Secretary Mnuchin was doing well, the numbers made him look better, he understands the market, and once Mnuchin goes on television, everything goes up.
In addition to Mnuchin, Trump also mentioned U.S. Secretary of Commerce Ross, saying he is doing well.
On the same day, Trump also stated that he is still willing to engage in dialogue regarding tariffs. He said that tariffs have not really started yet, only tariffs on automobiles and steel have been imposed; the tariffs on automobiles and steel alone have brought in $188 billion in revenue for the U.S.
Regarding U.S. interest rates, Trump reiterated that the Federal Reserve's rates are too high, and the cost of debt caused by each percentage point of interest is $360 billion. The Federal Reserve FOMC should lower rates to below 1%; there is no inflation in the U.S.
During Trump's remarks, the S&P 500 index and Dow Jones Industrial Average rose slightly, with an increase of about 0.01%, while the Nasdaq rose over 0.2%
