Bloomberg Surveillance Bloomberg Surveillance TV: July 23rd, 2025
Jul 23, 2025
Scott Bessent, Treasury Secretary of the United States, discusses President Trump's economic priorities and the future of Fed Chair Jay Powell. Howard Lutnick, Commerce Secretary, shares insights on negotiating trade deals with Japan as the August 1 deadline approaches. Jack Caffrey, Portfolio Manager at JPMorgan, provides an equity outlook focusing on tariffs and trade clarity. The conversation navigates the complexities of trade strategies and the implications for U.S. economic growth, with a particular emphasis on international relations.
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U.S.-Japan Trade Deal Innovation
- The U.S.-Japan trade deal includes a 15% auto tariff rate tied to Japan's commitment to invest $550 billion in U.S. strategic projects.
- This innovative financing approach helps de-risk supply chains critical for national security.
Tariffs' Inflation Impact Assessments
- The Federal Reserve may not view tariffs as inflationary but as one-time price adjustments.
- Market participants should consider tariff impacts cautiously when forecasting inflation trends.
Need for Fed Internal Review
- Scott Bessent recommends the Federal Reserve conduct an internal review separating monetary policy from its expanded roles.
- This separation aims to preserve the Fed's independence and effectiveness.