In his speech, Scott Bessent did not hide his optimism when he talked about a potential contract.
“This is an amazing opportunity,” he said.
“I think that if the founder of Bridgewater, Ray Dalio, had to write something, He could call it a beautiful balance restoration” – emphasized the American secretary of the treasury,
Dalio said on April 13 in NBC News that he was afraid that Customs and economic policy of President Donald Trump will threaten the global economy, potentially to “something worse than recession”.
His fears were justified. The US president imposed an extremely high duties on China, of 145 percent. Now everything is condemned to the fact that the trade war is undergoing deestering.
Just before the Bessent's speech, the daily The Wall Street Journal announced that the White House is considering reducing these duties to a level from 50 percent. up to 65 percent This is still a lot, but they are levels far from the aforementioned 145 percent.
What will the de -escalation look like? Treasury secretary explains. In his speech, according to CNBC, he outlined what he called “plan to restore the balance of the world financial system and institutions aimed at maintaining it“In particular, the Bank of the World and International Monetary Fund.
“The IMF and the World Bank have a permanent value” – said Bessent.
“However, the expansion of the mission pushed these institutions from the course. We must introduce key reforms to ensure that Bretton Woods institutions serve their stakeholders, not the other way around” – he explained.
He also said that “deliberate political elections of other countries led to the hollow of the American production sector and undermined our key supply chains, exposing our national and economic security “.
In his speech he also praised US President Donald Trump.
“President Trump has taken decisive actions to solve these imbalances and the negative impact they have on the Americans” – he emphasized.
