Finance Minister Scott Bessent speaks to reporters outside the west wing after led on March 13, 2025 in Washington, DC, a television interview on the North Lawn of the White House.
Andrew Harnik | Getty pictures
Finance Minister Scott Bessent said on Wednesday that the sale on the stock exchange was more due to a strong withdrawal of the largest technology stocks instead of the Protectionist guidelines of the Trump government.
“I try to be finance minister, no market commentator.
Besser referred to the Chinese Ki -Startup Deepseek, whose new voice models triggered a Rout in US technology shares at the end of January. The emergence of deepseeks highly competitive and potentially much cheaper models had doubts about the billions that spend the great US technology companies for AI.
The so-called great 7 stocks, Amazon, Tesla, Alphabet, Microsoft, Microsoft, Meta and Nvidia sold drastically and pulled the technical-hasty Nasdaq network in correction area. The technical, high-quality benchmark fell by about 13% after its record high on December 16.
However, the secretary played down the effects of President Donald Trump's steep tariffs, which surprised many investors and cheered on the fears of replacing inflation, slower economic growth and even a recession. Many investors briefly made the tariff rollout for collecting the S&P 500 into the correction area from its record, which was reached at the end of February. Wall Street defines a correction as a decline of 10% from a youngest.
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S&P 500, YTD
Trump signed an aggressive “mutual tariff” policy in the White House on Wednesday evening and even hit tasks of at least 10% and even higher for some countries. The promotions triggered an enormous sale on the stock exchange overnight, with the S&P 500 futures declining by almost 4% and the industrial section of Blue-Chip Dow Jones made 1,100 points. The losses will probably return to the correction area at the meeting on Thursday.
“It will be okay if we set up the best economic conditions,” said Bessent in a separate interview on Wednesday evening by Fox. “When you go back and look, the stock market actually reached its climax [DeepSeek] Chinese KI announcement. So much of what we saw was only an idiosyncratic sale. “