Scott Bessent Has 'Worst Job In The World Today,' Says Black Swan Author Nassim Taleb, As Treasury Secretary Knows The Implications Of Steep Tariffs

‘Black Swan’ author Nassim Nicholas Taleb has said that the Treasury Secretary, Scott Bessent, has the worst job in the world today because he understands the relevancy and implications of tariffs more than anyone else.

What Happened: According to his X post, Taleb has pointed out that the Treasury Secretary, Bessent, comprehends the relevance of the protectionist policies being imposed by the current administration, led by President Donald Trump.

Additionally, he says that any abrupt introduction of steep tariffs could lead to a cascading and generalised price action.

In general, trade barriers like import quotas or tariffs have both advantages and disadvantages. From a Keynesian perspective, tariffs can boost domestic production and employment by shifting demand towards domestically produced goods, potentially leading to a reduction in the trade deficit.

However, it could be driven by political opportunism, undermine free trade principles, fuel the prices of domestic goods, reduce domestic consumption, and damage international relations.

See Also: Goldman Sachs Warns US Stocks ‘Are At Risk Of Further Declines,’ But Policy Pivot From Trump Or Fed Could Stoke Recovery

Why It Matters: Bessent recently outlined Trump‘s economic plan during the latest All-In Podcast episode on March 19.

He highlighted the three steps in the administration's plans.

• First, to shrink government spending and its workforce;

• Second, to loosen financial regulations, which Bessent called a “regulatory corset.”

• Third, to get the private sector to hire back those who lost their government jobs.

Bessent also expressed alignment with Elon Musk‘s Department of Government Efficiency or DOGE, which aims to reduce wasteful spending. “With Doge, I am completely aligned with what Elon's doing,” he stated.

However, he acknowledged the challenge of implementing changes rapidly. He also warned, “If you don't move fast the vested interest will weigh you down.”  

Price Action: The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, declined on Friday. The SPY was down 2.01% to $555.66, while the QQQ declined 2.63% to $468.94, according to Benzinga Pro data.

On Monday, the futures of Dow Jones fell by 0.37%, whereas the S&P 500 and Nasdaq 100 declined by 0.66% and 1.13%, respectively.

Read Next:

• Federal Reserve Is ‘Gaslighting The Public,' Warns Expert As Richmond Fed President Says ‘Inflation Expectations Have Loosened, Not De-Anchored'

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