Paul Krugman
1
Cronyism, Capitulation and Utter Chaos
And what the hell was Scott Bessent doing briefing Morgan clients?
Hitting the road today, but I have time for a note on the news that moved markets yesterday. Bloomberg reports:
US Treasury Secretary Scott Bessent told a closed-door investor summit Tuesday that the tariff standoff with China cannot be sustained by both sides and that the world’s two largest economies will have to find ways to de-escalate.
That de-escalation will come in the very near future, Bessent said during an event hosted by J.P. Morgan Chase in Washington, which wasn’t open to the public or media. He characterized the current situation as essentially a trade embargo, according to people who attended the session.