Treasurys Besent: Market drop a power 7 problem, not a Maga, he says in Tucker Carlson interview

Through Costas Pitas, Brendan O’Brien has the stock market -dive to do more with the rise of this year of China’s Deepseeek Artificial Intelligence instrument than the policy of President Donald Trump, US Treasury Secretary Scott Besent said in an interview released on the constant nose on Friday. “For anyone who thinks that these declines of the market are all based on the economic policy of the president, I can tell you that this market decrease with the Chinese AI announcement of DeepSeek has begun,” Besent told conservative commentator Tucker Carlson. “If I were to analyze in my old hat, and it’s the only time I’m going to talk about it … What happens to the market, I would say that it is more a power 7 problem, not a Maga problem,” said Besent, who managed a hedge fund until he was named Treasury Secretary of Trump. “May 7” refers to the shares of the so-called Magnificent 7- A group of seven high-performing technical shares that helped drive the market before recent sales. Maga refers to Trump’s political slogan “Make America Great Again”. US stocks have fallen by about 10% in the two days since Trump announced a new global tariff regime that was more aggressive than analysts and investors expected. It is a decline that market analysts and major investors have laid at the feet of Trump’s aggressive pressure on rates, which most economists and the head of the Federal Reserve believe that the risk of inflation and economic growth is damaging. Stock did get a hit at the end of January when the Chinese boot Deepseek launched a free AI assistant, which he said used less data at a fraction of the cost of the established services. This led to a record one-day loss of nearly $ 600 billion worth of the shares of AI-Chipmaker Nvidia, one of the wonderful 7., but the market soon found its foot again and by mid-February the Benchmark S&P 500 index regained a record height. Subsequently, shares turned south from the end of February after a widespread survey among consumers showed that households were broadly pessimistic about the prospects of the economy and feared that Trump’s pressure on tariffs would increase inflation. Since then, a series of other recordings of businesses and consumers have marked similar concerns, and other data has shown that the rate of activity has delayed in the first quarter of 2025. The S&P has lost almost 14% since February 19, and nearly $ 10 trillion from the US stock market value has been wiped out. Besent is only the latest Trump administration official who raised the dive in markets, which increased after Trump’s announcement Wednesday of a global import tax of 10% and much higher rates for goods from dozens of countries. Howard Lutnick, Secretary of Trade, also rejected the decline. Trump himself re -joined a post on social media on Friday with the caption “Trump is deliberately in the market” and contains images of the president showing on a large downward red arrow and signing executive orders at the White House. Meanwhile, Besent also told Carlson that the administration retained a ‘strong dollar’ policy and rejected allegations by some analysts that the tariff ride was a deliberate attempt to weaken the dollar to make US goods more competitive in global markets. “No one should listen to anyone in the markets about the US dollar other than President Trump or myself,” Bestent said. “We are the only one who speaks for this administration, the US government on dollar policy.” “We have a strong dollar policy and we set up all the necessary ingredients to make sure the dollar is strong in the long run,” he said. The dollar has dumped almost 6% of its value against major trading partners’ currencies since Trump’s inauguration on January 20. This article was generated from an automated news agency feed without editing to text.