The US market may have dropped sharply last week, but for US Treasury Secretary Scott Bessent, Trump’s tariff policies aren’t necessarily to blame.
“For everyone who thinks these market declines are all based on the President’s economic policies, I can tell you that this market decline started with the Chinese AI announcement of DeepSeek,” Bessent said in an interview with Tucker Carlson posted on Friday.
DeepSeek, a rival to models like ChatGPT, launched its latest version in January. Bessent implied it’s behind the drop in major US tech stocks, often called the Magnificent 7.
“I’d say it’s more a Mag 7 problem, not a MAGA problem,” he told Carlson.
