US Treasury Secretary Considers Resignation Amid Trade War Tensions
According to reports from American media, US Treasury Secretary Scott Bensen is considering resigning due to his inability to tolerate the Trump administration's "absurd" reciprocal tariff policy. Stephanie Ruhle, host of MSNBC's "Morning Joe," revealed that Bensen is no longer valued within Trump's inner circle and is not being heard. "My sources tell me that Scott Bensen's behavior is out of place in the Trump administration, and Trump doesn't respect him or listen to his opinions," Ruhle said. She added that Bensen is seeking an exit route, possibly to the Federal Reserve, as recent events have damaged his reputation and credentials in the market.
6 April 2025
This news comes after the US announced plans to impose reciprocal tariffs on all trade partners, sparking widespread criticism and concerns of a trade war. The move has led to a significant downturn in the US stock market, with the Nasdaq composite index entering a technical bear market. Bensen, a 62-year-old seasoned hedge fund investor, has been a strong supporter of Trump's economic policies, including his tariffs. However, his views on international trade may be at odds with the administration's approach, which some critics have described as "juvenile" and potentially harmful to the market.
The Trump administration has recently announced tariffs on multiple countries, including China, the EU, and Canada, which are seen as a means to protect US industries and reduce trade deficits. However, these tariffs have led to retaliatory measures from other countries, resulting in increased global trade tensions. US businesses have expressed concerns about the impact of the tariff policy on their operations, stating that the increased costs will be passed on to consumers, making it difficult for them to maintain their businesses.
Warren Buffett, the CEO of Berkshire Hathaway, has denied reports that he supports Trump's tariff policy, warning that punitive tariffs could lead to inflation and harm consumer interests. China has announced plans to impose tariffs on US goods, including agricultural products, airplanes, and automobiles, while the EU has also announced plans to impose tariffs on US goods, including steel, aluminum, and whiskey. The ongoing trade tensions between the US and its trading partners have raised concerns about the impact on the global economy, with the World Trade Organization warning that the trade tensions could lead to a global trade war, which could have devastating consequences for the global economy.
As the trade tensions continue to escalate, it remains to be seen how the situation will unfold. The US and its trading partners must find a way to resolve their differences and avoid a global trade war, which could have far-reaching consequences for the global economy. Bensen's potential resignation could indicate a deeper division within the Trump administration and potentially lead to further economic instability. The situation highlights the controversy surrounding the US tariff policies and their potential consequences for the US economy and global trade.
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