The selloff that took the S&P 500 Index into a correction last week came amid investor concerns about the economic effects of the Trump administration’s moves around tariffs, immigration and cuts to the federal government.
Losses in equity markets have deepened with mounting growth concerns and souring consumer sentiment.
“We are putting the policies in place that will make the affordability crisis go down, inflation moderate and as we set the sails I am confident that the American people will come our way,” said Bessent, who ran Key Square Group before joining the administration.
As the scope of US President Donald Trump’s tariff policy broadens, consumers across the political spectrum have become increasingly concerned that the extra duties will lead to higher costs.
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Global tariffs are now in place on steel and aluminum and there’s an April 2 deadline pending for even broader levies.
While inflation cooled last month, any sustained pickup in price pressures risks causing households to limit discretionary purchases.
In the interview, Bessent said the American Dream isn’t contingent on being able to buy cheap goods from China. Families instead want to afford a home and see their children do better than they are.
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“It’s mortgages, it’s cars, it’s real wage gains,” he said.
As questions about the US economy build, US Federal Reserve officials are due to meet this week. Fed Chair Jerome Powell emphasised earlier this month that the central bank doesn’t need to be in a hurry to cut rates but he will likely be pressed about the uncertainty and risks emerging.
