U.S. Treasury Secretary Scott Bessent made some memorable remarks regarding the Trump administration's economic and financial policy agenda.
Bessent said BlackRock Chief Investment Officer Rick Rieder has not yet been called for an interview for the Fed chair position and believes the decision will be made by President Trump in January. He added that the Fed should do everything in its power to stimulate investment and lower interest rates.
Bessent said the Trump administration has the ability to renegotiate tariffs with other countries and maintain current tariff levels, and that these policies play an important role at the international trade table. He also pointed out that tariffs introduced under the International Emergency Economic Powers Act (IEEPA) have forced partner countries such as Mexico and Canada to negotiate on combating illegal goods.
Additionally, US Energy Secretary Chris Wright said Venezuela's oil production could increase by 50% in the next 18 months. Wright also said that oil prices are determined by the market, and that the United States could sell Venezuelan crude at a more efficient price.
*This is not investment advice.
