The US administration believes that the tariffs, the introduction of which was announced on April 2 on the principle of reciprocity, will not cause a potential recession in the country. Treasury Secretary Scott Besant was asked whether the new tariffs would lead to an economic recession in the US. “I don't see a reason for a recession“, he said.
Commenting on the significant decline in the US stock market on April 4, he pointed out: “You never know what its reaction is going to be. From time to time we experience short-term market reactions. The market has consistently underestimated US President Donald Trump.“
Besant stressed that new tariffs are needed. He added that other countries “have been bad players for a long time” and the accumulated problems cannot be resolved within a few days or weeks. “We will have to look at what the countries are offering and how convincing it is“, said the head of the finance ministry. “I think we will have to evaluate further actions.“ “After decades of bad behavior, you can't just forget what happened“, he concluded.
As noted by Bloomberg, the decision of the Washington administration will lead to the highest level of import duties in the United States in more than a century. According to experts from the JPMorgan bank, the country will fall into recession this year because of the tariffs.
Source: tass.ru