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Watch CNBC's full interview with Treasury Secretary Scott Bessent
Youtubeยท 2025-11-04 13:59
Trade Policy and Economic Security - The discussion emphasizes the importance of tariffs as a matter of national security and a signature policy of the President, suggesting that the Supreme Court is unlikely to overrule it [2][4][32] - The trade deficit with China has reportedly decreased by 25%, indicating progress in rebalancing trade [3] - The use of emergency powers to address trade issues, particularly concerning rare earth minerals, is highlighted as crucial for maintaining manufacturing capabilities in the US and globally [4][32] Government Shutdown and Economic Impact - The ongoing government shutdown, now in its 35th day, is tied for the longest in history, with centrist Democrats signaling a potential willingness to negotiate [13][20] - The shutdown is affecting the economy, with concerns about airport delays and public sentiment potentially blaming Democrats if travel disruptions occur during peak times [20][16] New York's Economic Status - New York is losing its status as the financial capital of the US, with significant capital and jobs moving to states like Texas and Florida [23][24] - The potential election of a socialist mayor in New York could lead to reduced federal funding, as the administration may exercise discretion in allocating resources based on state governance [29][30][31] Healthcare Reform Discussions - The Secretary calls for bipartisan cooperation to reopen the government before discussing healthcare reform, indicating that negotiations cannot proceed while the government is shut down [19][17] - The rising costs associated with the Affordable Care Act are noted, with a need for a plan to address these issues once the government is operational again [18][19]