Wall Street on Fire: Trump Got a Reality Check When the U.S. Treasury Secretary Took Flight
U.S. Treasury Secretary Scott Biesen organized a high-level emergency intervention with President Donald Trump in Florida. He went on a mission to stop the stock market and the digital asset industry from moving and printing massive red indices. He urged Trump to focus tariff messaging on winning trade deals.
The impact of the meeting can be seen directly with the recovery of global financial markets. The crypto market cap jumped by about 4% to regain the critical $2.5 trillion mark over the last day. The 24-hour trading volume remained above $153 billion. However, European stocks posted broad gains as the Stoxx 600 jumped by 1.3%.
U.S. Treasury Secretary Biesen intervenes in the midst of the crisis
According to reports, Treasury Secretary Biesen's message to Trump was that "markets will continue to melt unless we start talking about deals, not just tariffs." This means America needs less of a "liberation day" and more of a "let's make a deal."
A backchannel conversation occurred with the markets under pressure after more than 50 countries were subjected to U.S. tariff attacks.
The report highlights that the meeting was an opportunity to understand the next steps and engage in open discussions.