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Treasury secretary Scott betting Doubling is due to potential rates of economic ups, predicting the enormous growth of the US government’s revenue along with the impetus to the domestic economy.
On Tuesday, in the X post, Bessent shared its recent fragments of the Fox News show, saying that “rates are providing historical results for the American people”, while predicting that “all tariff revenue can be $ 300 this year, but it can be much higher.”
Bessent said the increase in income could significantly raise the US economy. “Each $ 300B adds 1% GDP,” he said, adding: “Rates alone can reach 5%.”
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He repeated the same point made in his latest Fox News show, saying, “Just having a tariff income, we’ll be in five, which is incredible,” adding that it was like a marathon running, and start five miles against everyone else. “
Bessent also emphasized the changes in the tone of the main media and critics in recent weeks. “You are starting to see in the main media, whether it’s a Wall Street Journal or The New York Times … people become dependent on tariff revenue.”
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But Bessent’s optimism is not shared with the economist of the University of Michigan Justin Wolfers Back to the claim that rates “can help restore American production”.
On Tuesday, in a X post, Woflers said: “Let’s ask American manufacturers whether they are helping”, while sharing the latest Dallas Fed Texas production survey, according to which 72% of respondents said their business was negatively influenced by the president. Donald Trump Tariffs.
Only about 3.7% thought Trump’s rates had a positive impact because 17% said they had seen “no effect” and 7% that “do not know” about such effects caused by rates so far.
On Tuesday, the Institute for Supply Management (ISM) in August. Released the index of its own production buyers’ managers (PMI) by reporting 48.7%, July. Just over 48% in July, but the 50% mark showing production development is still missing.
This marks the sixth consecutive month of the index contraction, between increasing costs and uncertainty due to tariffs.
Photo courtesy: Maxim Elramsisy website shutterstock.com
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