Trump treasury secretary warns of 'detox period' slowdown for US economy


Trump treasury secretary warns of

Published 7 March 2025 WASHINGTON ― Treasury Secretary Scott Bessent warned Friday the U.S. economy could enter a "detox period" as the Trump administration shifts from robust government spending to push more private sector spending. Bessent's forecast of a slowed economy came after a weeklong plunge in the stock market, precipitated by President Donald Trump's new tariffs on Canada and Mexico, and a new jobs report Friday that showed 151,000 added in February, slightly lower than projections. "Could we be seeing that this economy that we inherited is starting to roll a bit? Sure," Bessent said in an interview Friday on MSNBC's "Squawk Box." "Look, there's going to be a natural adjustment as we move away from public spending to private spending. The market and the economy have just become hooked, and we've become addicted to this government spending. And there's going to be a detox period." Trump campaigned on lowering consumer prices after years of stubborn inflation under President Joe Biden, even as it gradually fell over his final year in office.