Economy

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U.S. Treasury Secretary Scott Bessent wants to deliver one key message at the World Economic Forum in Davos: "America First does not mean America alone." https://x.com/disclosetv/status/2013274760461914526?s=20

RUSH TRANSCRIPT: WELKER: “Well, so far what we’ve heard and seen from the Europeans is alarm and outrage. In fact, they are, as you know, holding an emergency meeting today and part of the issue is the president has already reached a trade deal with the EU. How can countries have confidence in trade deals moving forward if President Trump is prepared to blow them up?” BESSENT: “Well, first of all, the trade deal hasn’t been finalized and an emergency action can be very different from another trade deal. We are in a very good equilibrium right now with China, but if China did something to upset that balance I think the president would be willing to act. Same thing with India. We were working on a trade deal with India, but the president – the president, unlike the Europeans, started charging the Europeans 25% for buying Russian oil. So the president leverages his emergency powers to do this.” WELKER: “I hear you saying that the deal hasn’t been finalized and yet it was moving towards finalization. Doesn’t it undercut the United States’ word by threatening these steep new tariffs?” BESSENT: “I think it does not. What it does is it enhances United States’ security. And, again, we have seen the Europeans are unable to push back against Russia. The U.S. is – this war that never would have started in Ukraine, kristen, we are going to settle it, but it wouldn’t have started. And what President Trump is trying to do is prevent a taking or the Russian/Chinese action in Greenland in the future. So why not be strategic? Why always live in the moment?”

RUSH TRANSCRIPT: WELKER: ‘Let me ask you broadly speaking about the tariff portion of this. The president, as you well know, has justified his authority to impose previous tariffs without going to Congress by declaring national emergencies. It’s an issue before the Supreme Court right now, we are all awaiting the high court’s decision. What is the national emergency that justifies these new slate of tariffs?” BESSENT: “The national emergency is avoiding a national emergency. It is a strategic decision by the president. This is a geopolitical decision, and he is able to use the economic might of the U.S. to avoid a hot war. So why wouldn’t – why wouldn’t we do that? You know, same thing, what if we had a national emergency coming with these gigantic trade balances that we have had with the rest of the world? I’ve been in financial markets for 30, 45 years. Much better to be strategic, avoid the emergency.” WELKER: “You’re saying it’s a national emergency, but you’re also saying it’s a threat that’s years away. How can both be true, Mr. Secretary?” BESSENT: “Because you are avoiding creating the emergency, kristen. What if during the great financial crisis someone had raised their hand in 2005-2006 and said stop with subprime mortgages? But no one did. President Trump is raising his hand and that is preventing the emergency.” WELKER: “Do you think the Supreme Court will agree with that Rationale, Mr. Secretary?” BESSENT: “I believe that it is very unlikely that the Supreme Court will overrule a president’s signature economic policy. They do not overrule ObamaCare. I believe that the Supreme Court does not want to create chaos. We have set – as you’ve said earlier – we have set these trade dealings and it is very good for the United States. We are balancing our trade deficit. You look, Europe is being overrun with Chinese goods. There is now an emergency in Europe. There’s going to be an economic emergency, the Europeans will follow us. So President Trump is preempting this. If we go back to emergencies, he put a fentanyl tariff Mexico, Canada, China. Guess what’s happened to fentanyl deaths? If that’s and not an emergency I don’t know what is. October 8th when the Chinese threatened to put rare earth export controls on the entire world President Trump threatened a 100% tariff and the Chinese came to the table and we negotiated on behalf of the whole world, kristen.”

America's trade deficit plunges by half to the smallest in nearly 2 decades. - Chinese imports crashed - American exports grew - Tariff inflation was absorbed by exporters - Trillions of investment incoming Instead of importing Chinese junk we’re importing factories. https://x.com/profstonge/status/2013227441519796435?s=20

RUSH EXCERPT: Schumer: “If you look at the budget, actually we’re working on right now and will have T-HUD Budget transportation in HUD budget. We restore most of cuts even go higher than previous years many programs that DOGE slashed when I met our nominee for HUD secretary then he was nominated talk a nice game but it doesn’t seem to have clout to make those views prevail over the DOGE people cut,cut ,CUT people. But we have worked really hard in budget and gotten bipartisan support increase these amounts an undo a lot of cuts which are essential”