Scott Bessent says the U.S. economy is detoxing but that doesn't mean there will be a recession: 'I'm not concerned about a little bit of volatility over three weeks'

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• Trump’s tariffs sparked recession fears, tilted inflation outlooks higher, sent stocks tumbling, and dimmed consumer sentiment—but his administration claims to be focused on the long-term. 

The S&P 500 lost $5 trillion in value in only three weeks after entering correction territory on Thursday over concerns surrounding President Trump’s tariff threats. But Treasury Secretary Scott Bessent, who was a hedge-fund chief prior to his political appointment, isn’t worried.