U.S. Treasury Secretary Scott Bessent on Friday characterized tariffs as a "one-time" price adjustment, outlining the administration's trade strategy ahead of the White House Crypto Summit.
What Happened: In an interview with CNBC, Bessent explained the tariff policy as a corrective measure to address global trade disparities, targeting issues like currency manipulation, government subsidies, and non-tariff barriers.
"The tariffs are one-time price adjustment, and everything else the administration's doing," he said, noting positive economic indicators such as a 15% decline in energy prices and crude oil since inauguration, alongside lower mortgage rates and a rise in housing applications last week.
He emphasized that the goal is to prioritize American workers' prosperity through employment rather than cheap imports, with a detailed announcement on trading partners' status set for April 2.
Meanwhile, the cryptocurrency market displayed varied dynamics as investors awaited clarity from the summit.
Why It Matters: Bitcoin BTC/USD held steady at $90,565, maintaining its resilience as a perceived safe-haven asset amid economic policy discussions.
Ethereum ETH/USD saw a 1.1% decline to $2,230, while Solana SOL/USD and XRP XRP/USD fell 1% and 2%, respectively, signaling potential uncertainty among altcoins.
Dogecoin DOGE/USD traded flat, showing stability despite the broader market's cautious mood.
The summit, expected to address a strategic crypto reserve, adds another layer of significance to these price movements, though Bessent's comments were focused solely on trade.
Bessent also addressed concerns about economic transitions, noting a shift from public to private spending.
"I'm confident if we have the right policies, it'll be a very smooth transition," he stated, highlighting efforts to stimulate private-sector lending and employment through sound banking regulations.
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