The Latest Breaking News from Scott Bessent

Despite warnings that the U.S. could run out of money by July, Scott Bessent insisted the country will not default on its debts during a hearing on Tuesday.

“The price of those policies will be first paid at the ports and then spread to the rest of the economy,” RSM’s Joseph Brusuelas wrote, referring to the president’s tariff and trade policies.

There are currently no signs that the United States has entered a recession despite the world's largest economy recording a contraction in the first quarter, the US Treasury Secretary said Tuesday.

Also: Trump’s movie tax will lead to fewer and more expensive films, experts said; non-profit retains control of OpenAI.

Rolling coverage of the latest economic and financial news

The dollar rose in Asia on Tuesday fuelled by hopes for trade deals to avert Donald Trump's sweeping tariffs, while equities mostly rose as investors await the Federal Reserve's latest policy decision.

Scott Bessent predicted that “trading relations will be stronger” but largely avoided the topic of tariffs in an onstage speech.

Sex toys, blenders, baby strollers, microwaves, hair dryers, and other affordable goods that Americans take for granted could soon be in short supply.

Uncertainty generated by tariff policy underlines US president seemingly unable to choose a path and stick to it

DOGE, departures, data agreements and more are creating havoc at the IRS.

According to “many, many people”, Donald Trump told supporters this week, these have been “the most successful first 100 days of any administration in the history of our country”. Much depends on what “successful” means — and for whom. Anyone with a pension or who owns shares would struggle to…