US Treasury Secretary Scott Bessent held an emergency meeting with President Donald Trump aimed at stabilizing financial markets and preventing a slide.
Bessent's intervention during the crisis
Scott Bessent urged President Trump to focus on achieving trade deals to halt the market's decline. He stated that 'Markets will keep melting unless you start talking deals, not just tariffs.'
Market reaction to the intervention
Following Bessent's intervention, global financial markets began to recover, with the crypto market cap increasing by about 4% to regain the $2.5 trillion level over the past day.
Escalation of the situation on Wall Street
Despite the optimism, there is a contradiction in the Trump administration's approach. While Bessent announced negotiations with Japan, Trump's trade advisor Peter Navarro declared 'no negotiations' were needed, causing confusion in the markets.
The US Treasury Secretary's intervention may signal a need for a reassessment of the country's trade policies to prevent further turmoil in the financial markets.
