The likelihood of a recession on Wall Street is increasing as President Trump maintains his stance on the trade war. The U.S. stock market has seen a significant decline in value, losing $5 trillion over the past three weeks due to impending tariffs and rising inflation. This has left many Americans concerned about their investments. Despite these concerns, Scott Bessent, Trump’s treasury secretary, described the stock market drop as ‘healthy’ and ‘normal.’ During an interview on NBC’s Meet the Press, Bessent expressed confidence in long-term market performance if favorable tax policies, deregulation, and energy security measures are implemented. When asked about the possibility of a recession, Bessent acknowledged uncertainties but emphasized the administration’s commitment to robust policies. He also dismissed worries about rising consumer costs, arguing that the American dream is not solely tied to affordable goods from China. Bessent remains optimistic about future economic recovery, attributing it to Trump’s policies. However, public opinion polls indicate that a majority of voters disapprove of Trump’s economic handling, marking a shift from previous support. — news from Fortune
