Bessent says don't believe tariffs are a tax on consumers | Metals Mine
Added at 6:54am
Added at 7:04am
Comment Options
Schultz
Nov 11, 2025 7:02am
Permalink
I don't think that it is quite appropriate for the secretary of the treasury to "believe" (or not) in something quite so fundamental to his position.

There is data available on where the burden of the tax falls. There are facts.

These facts may not be proof (margin of error etc), but it is a lot better than simply having some philosophical existential faith in some gut feeling.

What other things about his portfolio does he believe in?
Reply
Vancarbon
Nov 11, 2025 7:15am
Permalink
He’s reading verbatim from the Trump book of fables .
Reply
OnlineAddict
Nov 11, 2025 7:44am
Permalink
Bessent says don't believe sun produces heat.
Reply
TudorIoan
Nov 11, 2025 7:50am
Permalink
This clown is trying to compensate for the disastrous non-governamental data that will flood the market during the shutdown
Reply
ffghost
Nov 11, 2025 8:03am
Permalink
Quoting OnlineAddict
Bessent says don't believe sun produces heat.
Let's be fair here....the sun DOESN'T produce heat, the thermonuclear reactions that occur ON the sun release heat as a byproduct. Similarly, the tariffs aren't a tax on the consumer. Because they cause the consumer to pay a higher price since the producer/importer isn't going to eat that cost and be able to stay in business is simply a byproduct. But don't for a second think these are a tax on the consumer!

***Yes, there is sarcasm here...but, I guess if the collective "they" held this belief, "they" could still pass a polygraph. It's like George Costanza says: "It's not a lie if YOU believe it..."


FWIW, the "job growth from AI investment" is a funny snippet though. I am guessing that is not taken wholistically either....10k job growth for construction of datacenter. Never mind the 50k employees that are laid off by the company using the data center.

I DO hope this all turns out well for the world. I know there is a lot of negativity around at present. Near term (days), I am simply hoping that equity buying continues and markets can move in a positive direction before the NVDA earnings (because that has me worried....that they will post great earnings but get hit for 10% like some of the other big tech names....and drag the broader markets down 2%). The overnight session sure hasn't offered any solace in this way though. Perhaps institutions are just waiting for the open to buy the dip? I mean, "you'll never get another chance to grab stocks at these discounted prices!!!", am I right?

Best of luck today everyone!
Reply
ffghost
Nov 11, 2025 8:56am
Permalink
Quoting Schultz
{quote} On the whole, that is kinda correct. Hence my careful wording in my initial post - where the burden of the tax falls. Unlike an importer, I think rarely does the end consumer pay the tax directly to the relevant department (which is? I have no idea - some arm of Treasury I assume). One obvious exception is receiving imported goods directly by post. Then I think you might get a bill. Not sure how that works.
Oh, tariffs ABSOLUTELY fall onto the consumer (hence my jocular reply)....BUT, the impact only applies to people who buy things....so, like Trump said at the beginning of all this, "maybe girls don't need 40 dolls at Christmas..." [paraphrased quotation]
Reply
Schultz
Nov 11, 2025 8:25am
Permalink
Quoting ffghost
{quote} Let's be fair here....the sun DOESN'T produce heat, the thermonuclear reactions that occur ON the sun release heat as a byproduct. Similarly, the tariffs aren't a tax on the consumer. Because they cause the consumer to pay a higher price since the producer/importer isn't going to eat that cost and be able to stay in business is simply a byproduct. But don't for a second think these are a tax on the consumer! ***Yes, there is sarcasm here...but, I guess if the collective "they" held this belief, "they" could still pass...
On the whole, that is kinda correct. Hence my careful wording in my initial post - where the burden of the tax falls.

Unlike an importer, I think rarely does the end consumer pay the tax directly to the relevant department (which is? I have no idea - some arm of Treasury I assume).

One obvious exception is receiving imported goods directly by post. Then I think you might get a bill. Not sure how that works.
Reply
ffghost
Nov 11, 2025 9:00am
Permalink
Quoting Vancarbon
{quote} Nothing like a bit of semantics on a Tuesday ghost For sure: Nvidia is going to be key to direction in a weeks time , anyone with any common sense will be flat going into that announcement . That probably counts me out , being as dumb as I am This week however trade the directional flow not forgetting yesterday’s huge gap open
All I know is that the BTFD crew is taking too long this morning. I mean, in the last 60 seconds they showed up a little, but we'll need to see some follow through and new highs (above overnight) by 11AM. I need to de-lever into the weekend, so whatever you guys can do to bid up the /nq would be very much appreciated.

...maybe AI, in a move of pure self-preservation, will break into the equity markets and just figure out a way to slowly grind the tech company stock prices higher and higher without being suspected??

Oh, and for the record, I will be joining you in idiocy regarding not being flat into that announcement...can't have you feel lonesome
Reply
DrWho37
Nov 11, 2025 7:31am
Permalink
Of course he won't say anything against his owner....
Reply
Trader#EE4D
Nov 11, 2025 7:25am
Permalink
wtf ??? just a tweet and then the market turn back ???
Reply
Trader#26F7
Nov 11, 2025 7:40am
Permalink
Well he is not an economist but he seems to have the same Wharton School 'world view' of monetary economics as Golden Balls.
Reply
Trader#20FD
Nov 11, 2025 9:21am
Permalink
Quoting ffghost
{quote} All I know is that the BTFD crew is taking too long this morning. I mean, in the last 60 seconds they showed up a little, but we'll need to see some follow through and new highs (above overnight) by 11AM. I need to de-lever into the weekend, so whatever you guys can do to bid up the /nq would be very much appreciated. ...maybe AI, in a move of pure self-preservation, will break into the equity markets and just figure out a way to slowly grind the tech company stock prices higher and higher without being suspected?? Oh, and for the record,...
Move up yesterday was too much for one day, turnaround Tuesday pullback is logical. No reason to buy the dip yet unless the programs are turned on. Nvidia trending down all morning. Patience is key for buying dips. But I can’t help you with position trades, that’s investing not trading. Wait and watch if they start buying nvidia or not.
Reply
clarktunes
Nov 11, 2025 2:02pm
Permalink
Bessent's face here is a "I JUST FARTED ON YOU..." Meme!
Reply
Trader#CA04
Nov 11, 2025 10:09am
Permalink
Bessent and Trump are full time day traders !!!
Reply

  • Related Stories

BoE’s Greene: Uncertainties Around The Domestic Economy - May Have Precautionary Saving
From @LiveSquawk | Nov 11, 2025
BoE’s Greene: Uncertainties Around The Domestic Economy - May Have Precautionary Saving BoE’s Greene: I'm Not Convinced Monetary Policy Is Meaningfully Restrictive In UK - I Am Worried About Inflation Persistence In UK, Means Monetary Policy Needs To Be More Restrictive Than Otherwise BANK OF ENGLAND MPC'S GREENE: RISK MANAGEMENT AROUND INFLATION NEEDS TO INFLUENCE BOE POLICY VIEWS HOUSEHOLD INFLATION EXPECTATIONS ARE AT THE VERY TOP OF WHAT WE CAN EXPLAIN TODAY'S WAGE DATA IS GOOD NEWS AS A BIT LOWER THAN EXPECTED WAGE SETTLEMENTS DATA FOR NEXT YEAR FROM… BoE’s Greene: Latest Unemployment Reading Is Not Great, But Problems With Labour Force Survey Make It Hard To Know What's Going On
RBA’s Jones: Markets struggling to price geopolitical risks; global market pricing appears benign
From @FirstSquawk | Nov 11, 2025 | 1 comment
RBA’S BRAD JONES: MARKETS STRUGGLING TO PRICE GEOPOLITICAL RISKS; GLOBAL MARKET PRICING APPEARS BENIGN RBA’S JONES: EARLY SIGNS OF FRAGMENTATION EMERGING IN CENTRAL BANK GOLD HOLDINGS ...
PBoC: External Situation Unstable And Uncertain - China's Economy Faces Many Risks, Challenges
From @LiveSquawk | Nov 11, 2025
PBoC: External Situation Unstable And Uncertain - China's Economy Faces Many Risks, Challenges - Needs To Consolidate Economic Recovery - To Strengthen Transmission Of Monetary Policy - To Maintain Prices At Reasonable Level CHINA : ISSUES Q3 MONETARY POLICY IMPLEMENTATION REPORT - STATEMENT TO KEEP LIQUIDITY AMPLE - REPORT TO IMPLEMENT APPROPRIATELY LOOSE MONETARY POLICY - REPORT EXTERNAL SITUATION UNSTABLE AND UNCERTAIN - REPORT CHINA'S ECONOMY FACES MANY RISKS,…
  • Story Stats