The US Treasury Secretary Scott Bessent said on the 16th that the current Trump administration's priority is to prevent a financial crisis that may be caused by the government's massive spending in recent years, and if the government continues to maintain this level of spending, it will inevitably face a financial crisis:

I have studied this issue and have taught it, and this spending pattern is completely unsustainable. We are resetting and putting everything back on a sustainable path.

Since taking office, Trump has made restructuring government finances a priority, establishing the Government Efficiency Department led by Elon Musk to promote downsizing and early retirement incentive programs in multiple federal agencies.

However, in the first month of Trump's tenure, the US debt and fiscal deficit problems have further deteriorated, with the February budget deficit exceeding $1 trillion. Bessent emphasized that although the government is taking measures, there are "no guarantees" that the economy will not fall into recession:

There are no guarantees, who could have predicted COVID? What I can predict is that we are formulating sound policies that will be lasting. Will there be adjustments? I tell you, if this massive government spending continues, we must get the country out of this situation.

Market correction is healthy

Recently, the US stock market and cryptocurrency markets have experienced violent fluctuations, partly due to the Trump administration's implementation of widespread tariff policies, which have raised concerns about inflation and economic slowdown. The S&P 500 index has fallen more than 10% from its February high as of last Thursday, entering a technical correction, and market volatility has risen sharply.

However, Bessent believes that the current market correction is "harmless", and he believes that Trump's pro-business policies will promote the long-term development of the market and the economy:

I have 35 years of experience in the investment field, and I can tell you that market corrections are actually healthy. This is a normal phenomenon. What is truly unhealthy is a market that only goes up and never goes down. When investors are in a state of excessive optimism, that is the root of a financial crisis. If someone had stepped on the brakes in 2006 or 2007, we wouldn't have had the problem in 2008.

I'm not worried about the market. In the long run, as long as we formulate good tax policies, relax regulations, and ensure energy security, the market performance will be excellent. I've always believed that a week's market performance can't determine the overall market performance.