US Treasury Secretary Scott Bessent on Tuesday said during testimony before the House Appropriations Committee that trade deals may come ‘as soon a this week,’ and that while ‘many partners have good offers,’ there have been no discussions with China yet.

US Treasury Secretary Scott Bessent begins his testimony in front of the US House Appropriations Committee: pic.twitter.com/mbhBRtWYgq

— Yahoo Finance (@YahooFinance) May 6, 2025

According to Bessent, there could be a ‘substantial reduction’ in tariffs on US goods, as the United States negotiates with 17 out of 18 key trade partners.

Alas, nothing with China as of yet…

Treasury Sec. Scott Bessent on trade with China:

“China, we have not engaged in negotiations with as of yet.”pic.twitter.com/FIjcb522II

— The American Conservative (@amconmag) May 6, 2025

He then suggested that the 1st quarter GDP will be revised upward, and that we aren’t in a recession.

“I believe in data. There is nothing in the data that shows we are in a recession. As a matter of fact, the jobs report has surprised to the upside.”

🚨 JUST IN: Treasury Secretary Scott Bessent says he thinks the 1st quarter GDP will “BE REVISED UPWARD,” blows a huge hole in the “Trumpcession” narrative.

“I believe in data. There is nothing in the data that shows we are in a recession. As a matter of fact, the jobs report… pic.twitter.com/ZQhguxJddE

— Eric Daugherty (@EricLDaugh) May 6, 2025

Bessent also said that the US will ‘never default’ on its debt, and the Treasury will not use ‘gimmicks’ on the debt ceiling.

The US will never default on debt, according to US Treasury Secretary Scott Bessent. pic.twitter.com/AWuiupzo0T

— Yahoo Finance (@YahooFinance) May 6, 2025

Stocks spiked on the news – but will it hold?

Cheat Sheet:

Bessent laid out the entire strategy yesterday at the Milken conference…

“Reprivatizing the economy. On one side, we’re going to be bringing down government spending, which has been crowding out the private sector. We’re also going to be shedding excess labor on the government side. Then on the other side, we have a substantial financial deregulatory agenda coming.”

“The private sector can re-leverage, and we’re putting a special focus on community banks, small banks, small regional banks, which were very near what I would call an extinction event in the next 4-5 years. The idea is to get them lending again too.”

🚨 SCOTT BESSENT just laid out the entire strategy.

It’s absolute insanity that the Left opposes this. Trump’s team knows what they’re doing.

“Reprivatizing the economy. On one side, we’re going to be bringing down government spending, which has been crowding out the private… pic.twitter.com/9fi5ejs6kr

— Eric Daugherty (@EricLDaugh) May 5, 2025

Watch live:

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