Scott Bessent

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.

Well, it's sad, but if we look, the equal-weighted S&P, even after today's moves, down 4% in the year. In a long-term chart, you wouldn't even notice that. And I think the most important thing that we can do, that I can do as the Treasury Secretary, that President Trump wants to do, is put in sound fundamentals. for the underlying economy.

Well, it's sad, but if we look, the equal-weighted S&P, even after today's moves, down 4% in the year. In a long-term chart, you wouldn't even notice that. And I think the most important thing that we can do, that I can do as the Treasury Secretary, that President Trump wants to do, is put in sound fundamentals. for the underlying economy.

Well, it's sad, but if we look, the equal-weighted S&P, even after today's moves, down 4% in the year. In a long-term chart, you wouldn't even notice that. And I think the most important thing that we can do, that I can do as the Treasury Secretary, that President Trump wants to do, is put in sound fundamentals. for the underlying economy.

And if the underlying economy is good, if taxes are stable, if businesses have predictability, if we have cheap and plentiful energy, if we deregulate, if we treat our workforce well, then we're going to have a great stock market.

And if the underlying economy is good, if taxes are stable, if businesses have predictability, if we have cheap and plentiful energy, if we deregulate, if we treat our workforce well, then we're going to have a great stock market.

And if the underlying economy is good, if taxes are stable, if businesses have predictability, if we have cheap and plentiful energy, if we deregulate, if we treat our workforce well, then we're going to have a great stock market.

So, Tucker, I just want to go back for a moment, too, that one of the things that the tariffs are doing is we are pushing back against other economic systems.

So, Tucker, I just want to go back for a moment, too, that one of the things that the tariffs are doing is we are pushing back against other economic systems.

So, Tucker, I just want to go back for a moment, too, that one of the things that the tariffs are doing is we are pushing back against other economic systems.

so the chinese have a very different economic system they have low costs some would call it literally slave labor they subsidize industry with subsidized loans they have a lot of non-tariff barriers your show can't be shown there yes um so um so we're pushing back the against that and with the tariff income it can be substantial

so the chinese have a very different economic system they have low costs some would call it literally slave labor they subsidize industry with subsidized loans they have a lot of non-tariff barriers your show can't be shown there yes um so um so we're pushing back the against that and with the tariff income it can be substantial

so the chinese have a very different economic system they have low costs some would call it literally slave labor they subsidize industry with subsidized loans they have a lot of non-tariff barriers your show can't be shown there yes um so um so we're pushing back the against that and with the tariff income it can be substantial

And if we think like a classical model of tariff income would say if there's a 10 percent tariff, then the currency would appreciate about 40 percent of that. So 4 percent of it. Then the producer in the other country would eat about 4 percent. And then the U.S. consumer might have a one-time price adjustment of 2%. So in a 10% tariff, maybe the consumer pays 2% of it.

And if we think like a classical model of tariff income would say if there's a 10 percent tariff, then the currency would appreciate about 40 percent of that. So 4 percent of it. Then the producer in the other country would eat about 4 percent. And then the U.S. consumer might have a one-time price adjustment of 2%. So in a 10% tariff, maybe the consumer pays 2% of it.

And if we think like a classical model of tariff income would say if there's a 10 percent tariff, then the currency would appreciate about 40 percent of that. So 4 percent of it. Then the producer in the other country would eat about 4 percent. And then the U.S. consumer might have a one-time price adjustment of 2%. So in a 10% tariff, maybe the consumer pays 2% of it.

We saw there was a study out recently from a group at MIT that shows that with President Trump's first China tariffs, which were approximately 20%, the price level went up 0.7. So to answer your question, if we could put on a 20% tariff, And have the foreigners pay that and use that money to bring down our government deficit and keep taxes low here.

We saw there was a study out recently from a group at MIT that shows that with President Trump's first China tariffs, which were approximately 20%, the price level went up 0.7. So to answer your question, if we could put on a 20% tariff, And have the foreigners pay that and use that money to bring down our government deficit and keep taxes low here.

We saw there was a study out recently from a group at MIT that shows that with President Trump's first China tariffs, which were approximately 20%, the price level went up 0.7. So to answer your question, if we could put on a 20% tariff, And have the foreigners pay that and use that money to bring down our government deficit and keep taxes low here.

That's a very unique formula that hasn't been tried in this country for a long time.