Scott Bessent

We have stopped making things, especially a lot of things that are relevant for national security. I think one of the few good outcomes from COVID was we had a beta test for what maybe a kinetic war with a large adversary could look like. And it turned out that these highly efficient supply chains were not strategically secure.

We have stopped making things, especially a lot of things that are relevant for national security. I think one of the few good outcomes from COVID was we had a beta test for what maybe a kinetic war with a large adversary could look like. And it turned out that these highly efficient supply chains were not strategically secure.

We have stopped making things, especially a lot of things that are relevant for national security. I think one of the few good outcomes from COVID was we had a beta test for what maybe a kinetic war with a large adversary could look like. And it turned out that these highly efficient supply chains were not strategically secure.

So that we don't make our own medicines, that we don't make our own semiconductors, that we don't make our own ships anymore. So I think if I were to say, was there any good outcome from COVID? It woke the world up to these supply chain problems. So economic security is national security. President Trump and I have talked about that a lot. So this is...

So that we don't make our own medicines, that we don't make our own semiconductors, that we don't make our own ships anymore. So I think if I were to say, was there any good outcome from COVID? It woke the world up to these supply chain problems. So economic security is national security. President Trump and I have talked about that a lot. So this is...

So that we don't make our own medicines, that we don't make our own semiconductors, that we don't make our own ships anymore. So I think if I were to say, was there any good outcome from COVID? It woke the world up to these supply chain problems. So economic security is national security. President Trump and I have talked about that a lot. So this is...

a national security issue that we're seeing here, but it's also an economic security issue, and it's to I don't want to say redistribute, but it is to give working Americans real wage gains and enhance their lives. And I've said out on the campaign trail, one of my most frequent mottos was Wall Street's done great. It can continue doing well, but it's Main Street's turn. It's Main Street's turn.

a national security issue that we're seeing here, but it's also an economic security issue, and it's to I don't want to say redistribute, but it is to give working Americans real wage gains and enhance their lives. And I've said out on the campaign trail, one of my most frequent mottos was Wall Street's done great. It can continue doing well, but it's Main Street's turn. It's Main Street's turn.

a national security issue that we're seeing here, but it's also an economic security issue, and it's to I don't want to say redistribute, but it is to give working Americans real wage gains and enhance their lives. And I've said out on the campaign trail, one of my most frequent mottos was Wall Street's done great. It can continue doing well, but it's Main Street's turn. It's Main Street's turn.

And that's what we saw yesterday. It's Main Street's turn.

And that's what we saw yesterday. It's Main Street's turn.

And that's what we saw yesterday. It's Main Street's turn.

Look, the market goes up and down. Warren Buffett has a saying, in the short run, the market's a voting machine. In the long run, it's a weighing machine. And in the long run, it's going to weigh, do we have good policies? And in my former business, I commented on market structure, market ups and downs a lot. I'm trying not to do that.

Look, the market goes up and down. Warren Buffett has a saying, in the short run, the market's a voting machine. In the long run, it's a weighing machine. And in the long run, it's going to weigh, do we have good policies? And in my former business, I commented on market structure, market ups and downs a lot. I'm trying not to do that.

Look, the market goes up and down. Warren Buffett has a saying, in the short run, the market's a voting machine. In the long run, it's a weighing machine. And in the long run, it's going to weigh, do we have good policies? And in my former business, I commented on market structure, market ups and downs a lot. I'm trying not to do that.

But for everyone who thinks that these market declines are all based on the president's economic policies, I can tell you that this market decline started with the Chinese AI announcement of DeepSeek. So the so-called MAG7, the tech stocks, had been doing very well for about 18 months, led the market. And I think that there was kind of a real dose of reality in what was going on in AI.

But for everyone who thinks that these market declines are all based on the president's economic policies, I can tell you that this market decline started with the Chinese AI announcement of DeepSeek. So the so-called MAG7, the tech stocks, had been doing very well for about 18 months, led the market. And I think that there was kind of a real dose of reality in what was going on in AI.

But for everyone who thinks that these market declines are all based on the president's economic policies, I can tell you that this market decline started with the Chinese AI announcement of DeepSeek. So the so-called MAG7, the tech stocks, had been doing very well for about 18 months, led the market. And I think that there was kind of a real dose of reality in what was going on in AI.

And I think U.S. is going to remain the leader in AI, but the AI-related stocks started coming down. So, like, if I were to analyze in my old hat, And this is the only time I'm going to talk about it. My old hat, what's happening with the market, I'd say it's more a MAG7 problem and not a MAGA problem.

And I think U.S. is going to remain the leader in AI, but the AI-related stocks started coming down. So, like, if I were to analyze in my old hat, And this is the only time I'm going to talk about it. My old hat, what's happening with the market, I'd say it's more a MAG7 problem and not a MAGA problem.