U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
Investing.com -- Treasury Secretary Bessent announced plans to increase tariffs on India due to its purchase of Russian oil, calling India’s actions "profiteering" during a CNBC interview on Tuesday.
Bessent described Russia as having a "very imbalanced economy" and expressed a "strong belief" that there will be a bilateral meeting between Russian President Putin and Ukrainian President Zelenskiy.
Regarding technology policy, Bessent stated that Nvidia (NASDAQ:NVDA) will require a license for any new chip exports to China. He clarified that there are no discussions about forcing companies to purchase from Intel (NASDAQ:INTC).
On the topic of digital services taxes, Bessent called them "unfair" but assured they would not impede a potential Ukraine peace deal.
Addressing inflation, Bessent noted that much of the Producer Price Index (PPI) inflation was related to investment services, which he explained "just means markets rose."
Bessent also mentioned he will be meeting with 11 Federal Reserve chair candidates, describing them as an "incredible group." These meetings will take place before and after Labor Day.
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