On March 17, 2025, according to Epoch Times, the Chief Economic Advisor to US President Trump stated on Monday that there would be uncertainties regarding tariffs until April 2nd, but the situation would become clearer afterward. Addressing the concerns in the financial sector over market turbulence, the US Treasury Secretary mentioned that the current market pullback was benign, and the Trump administration was working to prevent financial crisis risks.
National Economic Council Director Kevin Hassett stated on CNBC’s “Squawk Box” program on Monday, “There will definitely be some uncertainties from now until April 2nd.”
April 2nd is the date when Trump plans to announce reciprocal tariffs.
Analysts and business leaders have been complaining about the changing tariff news, causing confusion in the market. On Monday morning, a research report from the Global Research Department of a US bank stated that the turmoil had delayed investment decisions and impacted consumer confidence.
The analysts wrote, “The longer this uncertainty continues, the more likely it is to have a negative impact on business and consumer confidence.”
Ed Yardeni, the president of Yardeni Research, told CNBC on Monday, “Any day the president doesn’t talk about tariffs is a good day for the market.”
Responding to Yardeni’s comments, Hassett said, “There should be clarity, absolute clarity.”
Hassett predicted that the situation would become clearer after April 2nd.
President Trump announced on Sunday that starting from April 2nd, reciprocal tariffs and sectoral tariffs would be imposed on all countries that had certain tariffs or non-tariff trade barriers set up against US products.
When discussing tariffs on Canadian and Mexican goods, Hassett stated that these tariffs were initially aimed at pressuring Mexico to strengthen US border immigration enforcement and compelling the US, Canada, and Mexico to take more measures to restrict the illegal trafficking of fentanyl into the US.
“These are all very positive developments related to tariff policy,” Hassett said.
“However, there will definitely be some uncertainties from now until April 2nd,” he said, “but as April approaches, the market will realize the significance of reciprocal trade policies.”
Due to concerns about inflation and economic slowdown caused by tariffs, the US stock market has been in turmoil. The S&P 500 index fell 10% from its February high last Thursday.
US Treasury Secretary Scott Bessent stated on NBC’s “Meet the Press” program on Sunday that pullbacks like the current one were benign, and Trump’s pro-business policies would boost the market and economy in the long term.
“I’ve been in the investment industry for 35 years, and I can tell you that pullbacks are healthy. They are normal,” he said. “Unhealthy is when you see these exuberant markets. That’s where financial crises come from. If someone had tapped the brakes in 2006 and 2007, things would have been much better. We wouldn’t have encountered those issues in 2008.”
“I’m not worried about the market. Long-term, if we implement good tax policies, deregulation, and energy security, the market will perform well,” Bessent added. “I say a week’s time cannot change the market.”
He also emphasized that the Trump administration was working to prevent a financial crisis that could result from the large-scale government spending of recent years.
“I can guarantee you that we will definitely encounter a financial crisis. I’ve studied it, I’ve taught it, and if we continue at this spending level, everything is unsustainable,” Bessent said. “We are readjusting to put things on a sustainable path.”