Treasury Secretary Scott Bessent stated that the recent stock market plunge is largely due to the introduction of China's DeepSeek AI, rather than President Trump's economic policies. In an interview, he emphasized that market issues are more related to the performance of the top tech stocks referred to as the "Magnificent 7" rather than the impact of Trump's tariff announcements. He suggested that the significant drop in stock values, around 10%, was exacerbated by recent tariff regimes not aligning with investor expectations.
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.
What's happening with the market I'd say it's more a Mag 7 problem, not a MAGA problem, referring to the shares of the 'Magnificent 7' - the seven high-performing tech stocks.
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