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Treasury Secretary Scott Bessent denies that tariff pause is due to market declines
Treasury Secretary Scott Bessent denied the president’s move to implement a pause on his tariffs was the result of declines in the financial markets, which have been causing great concern for investors.
The comments came after the president issued a pause Wednesday for 75 different countries, which, according to the Trump administration, have shown a willingness to negotiate trade deals in good faith with the United States. Simultaneously, the Trump administration increased its tariff rates on Chinese goods to 125%, which came after China imposed tariffs of its own in response to Donald Trump’s «Liberation Day» tariff increase last week.
«This was driven by the president’s strategy. He and I had a long talk on Saturday and this was his strategy all along,» Bessent responded when asked if the tariff pause was the result of market declines. The Treasury Secretary also cited an «imbalance» in the responses from various countries, particularly China, in regard to their willingness to negotiate new trade deals.
TRUMP URGES AMERICANS TO ‘HANG TOUGH’ ON TARIFFS PLAN AS MARKETS TUMBLE
Treasury Secretary Scott Bessent denied that President Trump’s tariff pause was a reaction to the ongoing financial market declines, telling reporters Wednesday that the pause was part of Trump’s strategy all along. (GETTY IMAGES/FOX NEWS)
«It is just a processing problem,» Bessent said when asked if the market whiplash was a catalyst for the pause. «Each one of these solutions is going to be bespoke. It is going to take some time, and President Trump wants to be personally involved, so that’s why we are hitting the 90-day pause.»
Meanwhile, Bessent questioned claims from reporters that the bond market was «cratering» and said the information in front of him did not indicate as much. Trump, who also fielded questions Wednesday about the market volatility following his tariffs, similarly described the current bond market as «beautiful.»
«I saw last night where people were getting a little queasy,» Trump told reporters Wednesday about his view on the market declines in relation to his tariffs. «[Markets] went from, you know, pretty moderate today, but over the last few days, it looked pretty glum, to, I guess, they say it was the biggest day in financial history. That’s a pretty big change.»
«I think the word would be flexible,» Trump added. «You have to be flexible.»
WHITE HOUSE ADDRESSES RECESSION FEARS, CALLS MARKET VOLATILITY A ‘PERIOD OF TRANSITION’
A television broadcasts market news on the floor of the New York Stock Exchange (NYSE) in New York, US, on Friday, April 4, 2025. The S&P 500 slumped 5.97% on Friday, closing out its worst week since Covid, as investors continued to pull away from US equities after China escalated the trade war by retaliating against President Donald Trump’s tariffs. (Michael Nagle/Bloomberg via Getty Images)
Stocks did jump back up on Tuesday before sliding back down once again before the markets closed that evening. However, on Wednesday, as Trump made his announcement about the tariff pauses, stocks rallied again, with the S&P 500 seeing its best day since 2008, according to Market Watch.
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Over the weekend, the president told Americans concerned about the ongoing market volatility to «hang tough,» adding that his plan is already working with trillions of dollars already being poured into the U.S. economy.
«HANG TOUGH, it won’t be easy, but the end result will be historic,» Trump wrote Saturday in a post on his social media platform Truth Social. «We will, MAKE AMERICA GREAT AGAIN!!!»
The White House declined to comment for this story.
Fox News’ Michael Dorgan contributed to this report.
Scott Bessent,Economy,Trade,Trade,Politics
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The House is expected to vote next week on repealing a controversial measure in the bill that ended the government shutdown.
It caused heartburn for House Republicans in the final days of the shutdown and provided fresh ammo for Democrats hoping to delay their federal funding legislation in its final hours.
The provision, tucked into the Legislative Branch appropriations bill and dubbed «Requiring Senate Notification for Senate Data,» would allow senators directly targeted in former special counsel Jack Smith’s Arctic Frost investigation to sue the U.S. government for up to $500,000.
House Appropriations Committee Chairman Tom Cole, R-Okla., who was involved in crafting part of the successful funding deal, told Fox News Digital he had even been afraid it could derail the final vote to end the shutdown.
PROGRESSIVE DEMOCRATS TURN ON PARTY LEADERSHIP AFTER GOVERNMENT SHUTDOWN ENDS WITHOUT HEALTHCARE GUARANTEES
Rep. Chip Roy is among the House Republicans objecting to taxpayer money being used for senators’ lawsuits over ex-Special Counsel Jack Smith’s probe. (Tom Brenner/Getty Images; Saul Loeb/AFP via Getty Images; Tracy Glantz/The State/Tribune News Service via Getty Images)
«It had been done without our knowledge. I mean, it had been added in the Senate without our knowledge,» Cole said. «It was a real trust factor … I mean, all of a sudden, this pops up in the bill, and we’re confronted with either leave this in here, or we pull it out, we have to go to conference, and the government doesn’t get reopened.»
It was placed into the bill by Senate Majority Leader John Thune, R-S.D., and given the green light by Senate Minority Leader Chuck Schumer, D-N.Y., sources confirmed to Fox News Digital.
Thune put the provision into the bill at the request of members of the Senate GOP, a source familiar with the negotiations told Fox News Digital, which included Sens. Lindsey Graham, R-S.C., and Sen. Ted Cruz, R-Texas.
It was a big point of contention when the House Rules Committee met to prepare the legislation for a final vote on Tuesday night. Reps. Chip Roy, R-Texas, Austin Scott, R-Ga., and Morgan Griffith, R-Va., all shared House Democrats’ frustration with the measure, but they made clear it would not stand in the way of ending what had become the longest shutdown in history.
Those Republicans agreed with the motivations behind their Senate counterparts wanting to sue but bristled over the notion that it would come at the expense of U.S. taxpayers.
SENATOR RON JOHNSON WARNS GOP WILL BE IN ‘BIG TROUBLE’ IF PARTY IGNORES DEMOCRATS’ PLAN TO ‘NUKE’ FILIBUSTER
Roy told Fox News Digital that he brought his concerns to the Senate GOP himself.
«Well, they heard them,» Roy said when asked how those concerns were received. «I mean, you know, the lords don’t like to be told by mere commoners what to do. But we’re going to have to take a pretty strong stand on this one.»
The measure’s inclusion was enough for Rep. Greg Steube, R-Fla., to vote against the final bill, telling reporters, «I’m not voting to send Lindsey Graham half a million dollars.»
Rep. John Rose, R-Tenn., among the GOP lawmakers outside the Rules Committee who made their concerns public, introduced legislation to repeal the provision.
Rep. Greg Steube, R-Fla., makes his way to a House Republican Conference meeting with President Donald Trump on the budget reconciliation bill in the U.S. Capitol on May 20, 2025. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
«The American people should not be asked to make compensation to United States senators, the ultimate insiders, if you will — who have been wronged, no doubt in my mind … this provision does not allow other Americans to pursue a remedy. It does not even allow the President of the United States, who was equally wrongfully surveilled and pursued by the Justice Department — they didn’t even include President Trump in this,» Rose told Fox News Digital. «They saved this special treat for themselves. And, you know, frankly, the right answer is that they should all disavow that immediately.»
House Speaker Mike Johnson, R-La., appeared equally, if not more, annoyed when asked by reporters about the measure. He said a vote on repealing it would be fast-tracked next week and hoped his Senate counterparts would do the same.
«I was just as surprised by the inclusion of that language as anyone. I had no prior notice of it at all,» Johnson said. «I was frustrated, as my colleagues are over here, and I thought it was untimely and inappropriate. So we’ll be requesting, strongly urging, our Senate colleagues to repeal that.»
But there was an appetite among Senate Republicans to respond to Smith’s investigation, where senators were not notified that their records would be requested without notification. And the provision is narrowly tailored to just include senators and would require that they be notified if their information is requested by the Department of Justice (DOJ). The idea is to prevent the abuse of the DOJ to go after sitting senators now and in the future.
Graham, when asked if he would be filing a lawsuit, told reporters in South Carolina, «Oh, definitely.»
«And if you think I’m going to settle this thing for a million dollars? No. I want to make it so painful no one ever does this again,» he said.
When asked for comment on the matter, Cruz’s office pointed Fox News Digital to comments he made in a recent Politico report.
Sen. Ted Cruz, R-Texas, speaks to reporters on his way to the Senate weekly policy luncheons at the U.S. Capitol in Washington on Dec. 6, 2022. (Kevin Dietsch/Getty Images)
«Leader Thune inserted that in the bill to provide real teeth to the prohibition on the Department of Justice targeting senators,» Cruz told Politico.
Several senators were unaware of the provision’s inclusion, including Sen. Martin Heinrich, D-N.M., the top Democrat on the Legislative Branch appropriations subcommittee.
«I am furious that the Senate Minority and Majority Leaders chose to airdrop this provision into this bill at the eleventh hour — with zero consultation or negotiation with the subcommittee that actually oversees this work,» Heinrich said in a statement to Fox News Digital. «This is precisely what’s wrong with the Senate.»
TRUMP SIGNS BILL ENDING LONGEST GOVERNMENT SHUTDOWN IN US HISTORY
Most of the eight senators who did have their phone records subpoenaed as part of Smith’s investigation were also unaware of the provision until the legislation was unveiled over the weekend and have no intent to file a lawsuit.
Sen. Dan Sullivan, R-Alaska, «first learned about this provision when he and his staff were reading the bill to open the government,» Amanda Coyne, a senior advisor for the lawmaker, told Fox News Digital. «The senator has no plans to sue.»
Sen. Dan Sullivan, R-Alaska, heads to votes at the U.S. Capitol on Jan. 9, 2025. (Allison Robbert/AFP via Getty Images)
And Sen. Ron Johnson, R-Wis., who has pressed for a full disclosure of the probe alongside Senate Judiciary Chairman Chuck Grassley, R-Iowa, told Fox News Digital in a statement, «I have no plans at this time» to sue.
«If I did sue, it would only be for the purpose of using the courts to expose the corrupt weaponization of federal law enforcement by the Biden and Obama administrations,» he said. «With the full cooperation in our congressional investigations from the Trump DOJ and FBI, that shouldn’t be necessary.»
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But he noted that he supports the provision, «As a deterrent to prevent future misuse of federal agencies.»
Sen. Marsha Blackburn, R-Tenn., plans to seek a declaratory judgment, rather than monetary, over her phone records being requested by Smith before the provision was added into the bill. She said she would support plans to repeal the provision.
«If the Senate votes on the bill to undo the Arctic Frost provision in the government funding bill, I will support the effort to reverse it,» she said in a statement to Fox News Digital. «This fight is not about the money; it is about holding the left accountable for the worst weaponization of government in our nation’s history.»
house of representatives politics,senate,congress,politics,government shutdown
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New footage released by Russia’s defense ministry shows North Korean troops clearing mines in the war-ravaged Kursk region in western Russia, the latest sign of deepening military cooperation between Moscow and Pyongyang.
The footage shows North Korean soldiers handling detection equipment, receiving instructions from Russian engineers, and singing patriotic songs before beginning their work. A Russian commander with the call sign «Veles» said, «They’re great lads, they learn quickly, listen attentively and take notes.» Another commander, «Lesnik,» said the North Koreans were operating «on an equal level with my sappers, carrying out the same tasks as my guys.»
According to Reuters, Russia says the North Korean deployment follows last year’s fighting that helped repel a major Ukrainian incursion into the western Kursk region. South Korean, Ukrainian and Western sources told Reuters that North Korea sent about 14,000 troops under a mutual defense pact and that more than 6,000 were killed. The battlefield casualty numbers could not be independently verified.
NORTH KOREA HAS SENT TROOPS TO RUSSIA, PENTAGON CONFIRMS
Russia openly boasts about using North Korean soldiers for demining in its war-hit Kursk region. (East to West News Agency)
The Russian defense ministry channel Zvezda claims that the new demining unit was «created and sent to the Kursk region by order of Commander-in-Chief Kim Jong Un.» The channel said North Korean engineers «arrived in the Kursk region already experienced in carrying out missions in their homeland» and then «received extensive additional training by the Engineering Troops of the Russian Armed Forces.»
In the footage released by the Russian defense ministry, Pyongyang’s sappers begin each operation by venerating the North Korean flag, describing it as a sign of their readiness «to carry out any order from the Supreme Leader.» The Russian defense ministry claims Russian instructors taught them to handle «the latest NATO and Ukrainian mines» and to counter drones.
GIVING PUTIN THE DONBAS WOULD HAND MOSCOW POWERFUL LEVERAGE OVER KYIV’S FINANCIAL SURVIVAL
Footage released by Moscow shows North Korean sappers using Russian de-mining equipment in the war-scarred Kursk region (East to West News Agency)
In the footage released by the Russian defense ministry, Pyongyang’s sappers begin each operation by venerating the North Korean flag, describing it as a sign of their readiness «to carry out any order from the Supreme Leader.» The Russian defense ministry claims Russian instructors taught them to handle «the latest NATO and Ukrainian mines» and to counter drones. According to the report, North Korean engineers now use Russian robotic demining platforms such as the Stalker and Uran-6.
The East to West News Agency reported that the first of thousands of North Korean military engineers have begun clearing explosives in the region, describing the mission as aimed at reducing the risk to Russian personnel. Ukraine’s military intelligence chief, Lt. Gen. Kyrylo Budanov, has also said North Korea is deploying 6,000 engineers to Russia.
Ukrainian President Volodymyr Zelensky said that out of up to 12,000 North Koreans sent to support Russia’s war effort, «their losses are more than 4,000. I think two-thirds have died.» Fox News Digital could not independently confirm casualty figures.
KIM JONG UN ACKNOWLEDGES DEATHS OF 100 NORTH KOREAN SOLDIERS HE SENT TO FIGHT FOR VLADIMIR PUTIN
North Korean troops sweeping minefields left behind in the Kursk region after months of fighting. (East to West News Agency)
Russian military outlet Krasnaya Zvezda reported that Russian and North Korean teams are confronting a «previously unseen density» of anti-tank and antipersonnel mines allegedly left by Ukrainian forces, adding that many of the devices were manufactured by NATO members. Reuters could not independently verify battlefield conditions.
According to the outlet, 37 of the 64 settlements in the Bolshesoldatsky district remain closed to civilians because of mines. The report also said the sappers continue to come under Ukrainian artillery and drone fire, which Reuters was also unable to confirm.
Ukrainian forces stormed into the Kursk region in August 2024, holding parts of the area for months. Russian President Vladimir Putin announced in April that Russian troops, supported by North Korean units, had pushed them out.
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Russia openly boasts about using North Korean soldiers for demining in its war-hit Kursk region. (East to West News Agency)
North Korean leader Kim Jong Un said last month that the countries’ military cooperation would «advance non-stop,» Reuters reported.
Reuters contributed to this report.
ukraine,russia,north korea,conflicts,world
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