Treasury Secretary Scott Bessent just dropped a message for Corporate America: stop spiraling. In a pointed interview, Bessent told CEOs to quit obsessing over tariffs and regulatory fog. “We'll have clarity on tariffs, taxes, and deregulation within 90 days,” he said, brushing off fears that echo the 2017 tax reform panic. His comments come at a moment when top execs—from JPMorgan (JPM, Financial) chief Jamie Dimon to Goldman Sachs (GS, Financial) boss David Solomon—are ringing recession bells. But Bessent, a Wall Street veteran himself, isn't buying the doom. “It's their job to worry. Mine is to remind you: we've been here before.”
Underneath all the noise is a trade policy still in flux. The Trump administration paused most reciprocal tariffs earlier this month—except for China. Chinese imports are still getting hit with a massive 145% tariff. A blanket 10% duty also remains on all imports, though electronics—smartphones, chips, and laptops—escaped the worst. Or did they? Trump later clarified these goods will fall under a separate “Fentanyl Tariff,” not exempted after all. Meanwhile, Commerce Secretary Howard Lutnick confirmed a new semiconductor tariff is on the way, keeping tech investors on edge.
Consumers are already feeling it—and so are companies. Constellation Brands (STZ, Financial) CEO Bill Newlands warned that spending is cooling, especially on restaurants and packaged goods. Beer sales have flattened. The S&P 500 (SPY, Financial) has bounced slightly from its post-tariff lows but remains 12% off its February peak. Still, Bessent insists Wall Street is overreacting. “We're focused on Main Street,” he said. Translation? Stay the course. There's turbulence, yes—but don't confuse it for a crash landing.
