US Treas Sec Bessent speaking – some truth in his comments, some lies

Comments from Bessent:

• Trump, China’s Xi have very good relationship

Xi has not called Trump, this is absurd b/s from Bessent.

Now onto some of his more reasonable comments, open for dispute but not necessarily intentionally deceptive like that one above.

• Tariffs on China are big numbers, no one thinks they’re sustainable and wants them to remain
• Tariffs on China are not a joke
• Don’t think there’s a dumping of U.S. assets in bond market
• This is one of those occasional shocks you get in the trading community
• Have no evidence that sovereign investors are dumping U.S. assets
• U.S. is still a global reserve currency

Bessent also discussing one of the US’ independent officials who is under threat:

• Thinking about a successor for Powell, will start interviewing candidates in the Fall

This article was written by Eamonn Sheridan at www.forexlive.com.