Following another sharp drop in the stock market, the Trump administration dismissed concerns, characterizing the decline as routine and not a cause for alarm. On the 10th, Treasury Secretary Scott Besant stated there was “nothing unusual today,” despite the ongoing market volatility, which came even after a 90-day delay in tariffs for countries other than China.
Speaking during a White House Cabinet meeting led by President Trump, Besant noted, “The inflation numbers were good today, oil prices were down, and we have a successful bond market.” On the topic of tariff negotiations, he expressed confidence, saying, “They are going to come to us with their best offer,” and assured that “we will be in a very clear position within the next 90 days.”
When asked directly about the day’s sharp market decline, President Trump responded dismissively, saying, “I didn’t see it,” citing that he had been in the Cabinet meeting for two and a half hours. This contrasted with his reaction the day before, when the market rallied sharply after the announcement of the 90-day grace period. Trump had welcomed that surge enthusiastically, calling it “a record day.”
White House trade adviser Peter Navarro also weighed in, appearing on CNN to address market concerns. Known as Trump’s “tariff strategist,” Navarro downplayed the market drop, stating, “We had the highest increase in history yesterday.” He added, “Of course there will be some setbacks, and that’s a normal retracement after a big day.” He concluded, “It’s not a big deal.”
Despite public reassurances, the mixed messaging and uncertainty around tariff policy continue to weigh on investor sentiment, with markets reacting sharply to any signals of economic instability or trade tensions.