Tag Archives: scott bessent

European stocks to open higher as Fed rate cut expectations rise; UK budget ahead

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LONDON European stocks are expected to open higher across the spectrum as expectations rise that the U. S. Federal Reserve will cut interest rates in December. The U. K.’s FTSE index is seen opening 0. 25% higher, Germany’s DAX up 0. 7%, France’s CAC 40 up 0. 67% and Italy’s FTSE MIB 0. 64% higher, according to data from IG. Regional bourses look set to follow their counterparts on Wall Street and in the Asia-Pacific region higher amid expectations that the Fed will cut when it next meets on Dec. 9 and 10. Markets are pricing in almost an 85% chance of a quarter percentage point cut by the central bank, according to the CME FedWatch tool. New York Fed President John Williams also said on Friday that there was room to lower rates “in the near term.” Global markets also got a boost after U. S. Treasury Secretary Scott Bessent told CNBC on Tuesday that there was a “very good chance” that Trump could name a new Fed chair before Christmas. While he said he was interviewing candidates, expectations are shifting toward White House National Economic Council Director Kevin Hassett, after Bloomberg reported he had emerged as a frontrunner for the job. Hassett is viewed as someone more likely to push for lower rates. In the U. K., all eyes are on the Autumn Budget on Wednesday with Chancellor Rachel Reeves set to unveil her spending and taxation plans for the year ahead. There are widespread expectations that the finance minister will announce a raft of tax hikes as she tries to stick to self-imposed rules on spending and borrowing, and has a fiscal black hole to fill as a result. Follow CNBC’s Autumn Budget live blog throughout the day for all the latest news, comment and announcements. Chancellor Reeves will deliver her budget statement around 12. 30 p. m. London time. There are no other major earnings or data releases in Europe on Wednesday. CNBC’s Pia Singh contributed to this market report.
https://www.cnbc.com/2025/11/26/european-markets-on-novpoint26-2025-stoxx-600-ftse-fed-autumn-budget.html

Bessent says no formal White House health care proposal as shutdown drags on

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Treasury Secretary Scott Bessent clarified on Sunday that there is no formal proposal from the White House to defund the Affordable Care Act (Obamacare) and instead send money directly to Americans. This statement comes despite a social media post from President Donald Trump on Saturday promoting such a plan.

During an interview on ABC News’ “This Week,” anchor George Stephanopoulos asked Bessent about the president’s new proposal to eliminate Obamacare and redirect funds directly to the people. Bessent responded, “We don’t have a formal proposal.”

When pressed about whether such a plan would be proposed to the Senate, Bessent stated that the administration is not proposing it “right now.”

Bessent also addressed Trump’s push to end the Senate’s filibuster. Stephanopoulos asked, “Is the best way to end the shutdown right now to end the filibuster?” Bessent replied, “The best way is for five Democratic senators to come across the aisle.”

This is a developing story. Please check back for updates.
https://abcnews.go.com/Politics/bessent-formal-white-house-health-care-proposal-shutdown/story?id=127350445

Trump inks trade deals on Asia trip, with US-China agreement close ahead of Xi meeting

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The president expressed optimism that a deal between the U.S. and China was close. He stated, “China wants to make a deal, and we want to make a deal.” Treasury Secretary Scott Bessent echoed this sentiment on Sunday morning, confirming that both sides had agreed to a “framework” for the deal.

China had hoped to avoid new 100% tariffs scheduled to go into effect on November 1. Bessent thanked President Trump for the negotiating leverage that the threat of these tariffs provided. “President Trump gave me a great deal of negotiating leverage with the threat of the 100% tariffs, and I believe we’ve reached a very substantial framework that will avoid that and allow us to discuss many other things with the Chinese,” Bessent told NBC.

Chinese trade negotiator Li Chenggang told reporters that the sides had reached a “preliminary consensus.” Further progress is expected during Trump’s upcoming meeting with Chinese President Xi Jinping in South Korea on Thursday. Trump also expressed hopes to visit China and invited Xi to visit Washington or his Mar-a-Lago estate.

The new Chinese tariffs had been introduced in response to U.S. limitations on rare earth minerals imposed on China.

In addition to the developments with China, the U.S. also secured trade deals with several other nations during the Association of Southeast Asian Nations (ASEAN) summit in Kuala Lumpur. New agreements were signed with Thailand, Cambodia, and Malaysia.

President Trump attended a ceremony marking an expanded ceasefire agreement between Thailand and Cambodia. The two countries had recently fought a brief conflict lasting five days in July, which resulted in dozens of deaths and displaced hundreds of thousands of civilians. Taking credit for helping to end the conflict, Trump stated, “On behalf of the United States, I’m proud to help settle this conflict and forge a future for the region.”

Cambodian Prime Minister Hun Manet called the agreement a “historic day,” while Thai Prime Minister Anutin Charnvirakul described the new deal as laying “the building blocks for a lasting peace.” The trade deals with Thailand, Cambodia, and Malaysia included reductions in tariffs across the board.

President Trump had previously threatened to impose tariffs on Thailand and Cambodia if they failed to reach a peace deal. Notably, the deals with Malaysia and Thailand contained provisions related to critical minerals used in electronic devices, helping to reduce American reliance on Chinese rare earth minerals.

**Tariff Exclusion Process in Trump 2.0: A Big Departure from the First Term**

Trump also continued to strengthen relations with other Asian countries during his appearance at ASEAN. The summit included nations such as Singapore, Indonesia, and Vietnam, among others. During his address, the president made a strong friendship appeal to the countries present:

“The United States is with you 100%, and we intend to be a strong partner and friend for many generations to come,” Trump said.
https://www.washingtonexaminer.com/news/world/3864332/trump-trade-deals-asia-trip-china-tariffs/