Critics mocked Treasury secretary Scott Bessent's trade war promises when interrogated by Fox News's Bill Hemmer on Friday.
The interview came after President Donald Trump threatened 50% tariffs on the European Union and 25% tariffs on Apple iPhones that are not made in the United States. His Truth Social announcement caused the stock markets to plummet.
Even those on the right seemed concerned about Bessent's answers, with @JohnBoyCali — whose bio says he's "anti-radical democrats" — posted to X, "Scott Bessent seemed more cautious than usual this AM on Fox. I wonder what the real reason is? Maybe to lower expectations a bit?"
Journalist Aaron Rupar posted a transcript of Bessent's answer when Hemmer asked, "If Japan isn't the next country to do a trade deal, who is?"
"BESSENT: We're far along with India. There are 18 important trading partners. With the exception of the EU, most are negotiating in very good faith. FOX: Who do you think goes first? BESSENT: We're gonna have to see."
The account of @Last_DayWithYou made up the "rest of the conversation," posting:
"FOX: So the answer is Schrödinger’s trade deal — it both exists and doesn’t? BESSENT: It exists spiritually. On paper? We’re manifesting. FOX: Got it. Is that 'see' like in next week, or 'see' like we need a time machine? BESSENT: Well, if you have a time machine, I’d love to borrow it. We could skip the negotiating part and just fast-forward to the victory speech."
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Financial advisors expressed their dismay on social media, with StockMarket.News posting, "On Fox News, he said the administration was planning to announce 'major new trade deals' within the next 90 days, implying that the tariffs were just a tactic not a guarantee. Markets didn’t buy the optimism."
Global capital markets watcher the kobeissi letter posted, "You can’t make this up: The 10Y Note Yield is now up 6 basis points after US Treasury Secretary Bessent’s comments. Immediately as markets turned lower on Trump’s 50% EU tariff and 25% Apple announcements, Bessent touted trade 'deals' on Fox News. It seems he may have missed the memo that the tariffs were intended to lower yields. Bessent just undid the decline in yields that Trump wanted. Except, the S&P 500 is now down -200 points from its high. The 'trade deal' headlines are NOT helping yields."
When questioned, the account explained, "A recession will lower yields. Tariffs are a mechanism to get a recession if imposed long enough."
And Spencer Hakimian with Tolou Capital Management called the U.S. treasuries market "a full-blown meme stock."
"7:43 AM - Trump threatens more imaginary tariffs. 10Y goes from 4.55% to 4.45% within minutes. 8:05 AM - Bessent goes on Fox News and says 'oh don't take my boss seriously'. 10Y goes from 4.45% to 4.50% within minutes. Complete and absolute joke," he wrote.
Bessent promised Hemmer that more trade deals were expected in July.
