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Headline: US Treasury Secretary Bessent Addresses Trade Tensions, Tech Investments, and Fed Oversight
Scott Bessent has been in the spotlight this week following a series of high-profile interviews and policy statements as United States Secretary of the Treasury. After major new tariffs on Indian imports took effect, Bessent addressed tensions with India, emphasizing that the US-India trade relationship is complicated but ultimately resilient. In an interview with Fox Business, Bessent downplayed concerns about India negotiating oil deals with Russia and delayed trade talks, stating that while disagreements persist, both countries are likely to reach an agreement eventually. He noted that the United States as the deficit country remains in a strong position in trade disputes and expressed little concern over the Indian rupee becoming a global reserve currency, pointing out its recent weakness against the US dollar, according to a report in The Indian Express.
On the technology front, Bessent clarified in multiple interviews that the Trump administration is not planning to acquire a stake in Nvidia, a leading semiconductor company. He explained that while the government will continue to invest in critical industrial companies as part of a broader economic security agenda—such as its recent large investment in Intel—Nvidia does not currently require federal financial support. Times of India and CBS4Local reported that Bessent’s comments were meant to calm investor concerns about potential share dilution and government overreach in the private sector. Bessent highlighted that strategic industries like shipbuilding might be considered for future investment, but defense companies are less likely to be targeted unless their delivery performance falters.
Bessent also addressed national security risks tied to the global semiconductor supply chain. In public remarks cited by Bloomberg and other sources, he emphasized that the United States must reduce its dependence on foreign manufacturing, particularly the dominance of Taiwan-based TSMC in chipmaking, which Bessent described as a national security vulnerability.
On central bank issues, Bessent publicly renewed his call for Federal Reserve Chair Jerome Powell to launch an internal review of the Fed, including mortgage fraud allegations regarding board member Lisa Cook. He urged the Fed to refocus on its core mission of stable inflation and employment, warning that policy overreach could undermine data-driven decision making, as covered by Bloomberg.
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Published on 16 hours ago