Treasury Secretary Scott Bessent said the stock market plunge has more to do with the emergence of China’s DeepSeek artificial intelligence tool than with President Trump’s policies, Reuters reports.
Said Bessent: “For everyone who thinks these market declines are all based on the President’s economic policies, I can tell you that this market decline started with the Chinese AI announcement of DeepSeek… What’s happening with the market I’d say it’s more a Mag 7 problem, not a MAGA problem.
”Bessent, who ran a hedge fund, noted that “Mag 7” refers to the shares of the so-called Magnificent 7 — a group of seven high-performing tech stocks.