Trump Treasury secretary says economy slowdown just ‘detox’ as government spending switches to private sector -

U.S. President Donald Trump's former Treasury Secretary Steven Mnuchin said on Wednesday that tariffs on U.S. imports are necessary to rebalance trade more in favor of the world's largest economy, but cautioned that financial markets need more clarity.

Treasury Secretary Scott Bessent said the U.S. economy may be “starting to roll a bit,” as data suggests last year’s red-hot economy may be slowing. Bessent said the Trump administration’s moves to transition the economy to one which emphasizes private spending over public spending may require a “detox” period.

It's not a word typically applied to the economy, and it may not thrill Wall Street investors. But Treasury Secretary Scott Bessent told CNBC on Friday that the nation's economy may be in need of a "detox.

Treasury Secretary Scott Bessent said Friday the United States economy has become increasingly reliant on excessive government spending, adding, “there’s going to be a detox period.” “The market and the economy have become hooked,