US Treasury Secretary Rejects Concerns Over Inflation and Recession Amidst Tariff Hikes
US Treasury Secretary Scott Basant has dismissed concerns that the increase in tariffs will lead to higher inflation and a potential recession. Speaking to the media, Basant stated that tariffs are a one-time price adjustment, differentiating between a temporary price hike and a continuous increase in prices.
This statement comes after economic experts raised alarms about the possibility of a recession in the US due to the newly imposed tariffs.
In contrast, the Director of the US National Economic Council clarified that over 50 countries have contacted the US for trade negotiations, emphasizing that the tariff announcements are not part of any political strategy.
Analysts suggest that former President Donald Trump may have adopted a strategy to crash financial markets in an attempt to lower interest rates.
Following the announcement of the tariffs, European and Asian markets closed with significant declines on Friday. Experts are now concerned that when markets reopen on Monday, further losses may be seen.
