Treasury Secretary Scott Bescent said Sunday that the horrors of the growing recession among the American people were largely “media-driven.”
Bescent disputes recent headlines claiming the Dow Jones industrial average has been heading towards its worst in April since 1932, saying the stock market is bounced back after a massive drop at the beginning of the month. a Opinion survey The Washington Post and Ipsos, conducted by ABC News, found that 72% of Americans believe that President Donald Trump’s tariffs are “highly likely” to cause a recession.
“If you look at some of the things that have been published, there was a story 10 days ago that said, “This is the worst April for the stock market since Great Repression.” Ten days later, the Nasdaq is happening in April, and I have never seen a story of “Oh, the stock market saw it.” [its] The biggest bounce ever. “So I think a lot of this is media-driven,” Bescent said on ABC’s “This Week.” (Related: Charles Payne asks Peter Navarro if he’s been pushed aside to the tariff decision)
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The Wall Street Journal issued a harsh warning about the stock market on April 21st piece“The Dow was heading towards the worst April since 132, April, as investors sent a ‘unconfident’ signal,” he said the Dow Jones industrial average fell almost 1,000 points. The article further stated that the S&P 500 performance since January 20th was the worst for the president since 1928.
After entering April 21st, the stock market was 1,016.57 points, or 2.66% the following day, while the S&P 500 and Nasdaq rose 2.51% and 2.71%. The market has been bounced back for the rest of the week, with the S&P 500 and NASDAQ growing 4.6% and 6.7% by Friday. According to To CNBC.
Markets rose on April 22 when Bescent said there was a “de-expansion” in Trump’s trade war with China. After Trump’s first tariff announcement on April 2, the United States entered a trade war with China after the country retaliated with its own sudden tariffs, and the country faced tariffs of up to 245%. I said April 15th.
By April 9, Trump said he would raise China’s tariffs from 104% to 125% after implementing a 90-day suspension in all other countries to leave room for negotiations. The next day, Trump announced that tariff rates would rise to a minimum of 145% for all Chinese tariffs. According to To the New York Times.
Trump said Tuesday that the US will not be completely eliminated, but that he intends to “substantially” ease China’s tariffs. White House press chief Karoline Leavitt told Fox News on April 23 that China “will not be unilaterally reduced tariffs” and that it must negotiate with the US.
Trump I said He negotiated more than 200 trade contracts with foreign countries following a 90-day suspension on mutual tariffs.
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