Treasury Secretary Scott Bessent calmly dismissed concerns of supply chain disruptions and empty store shelves, during a Fox News interview Monday, saying he is not worried “at present.”
“We have some great retailers. I assume they preordered,” Bessent said when asked about widespread reports of cargo ships being turned around before unloading.
“I think we’ll see some elasticity, I think we’ll see some replacements, and then we will see how quickly the Chinese want to deescalate.”
Despite Bessent’s reassurance, many are ringing alarm bells about turmoil to come. Toulou Capital founder Spencer Hakimian shared the video, warning, “See you in 10 days, Scott.”
Others criticized Bessent, a billionaire hedge fund manager, of being out of touch with the economic concerns facing average Americans.
Navy veteran Christopher David warned his X followers that “panic buying is days away,” advising Americans to stock up now on essentials, major electronics, and staple foods like rice.
“And yes, that probably includes toilet paper again,” he added, alluding to nationwide toilet paper shortages at the beginning of the COVID-19 pandemic in 2020.
“We’re about to face supply shocks and empty shelves,” David posted. “You’d be wise to stock up on essentials now.”
The supply chain tensions build amid a growing trade war with China that began with President Donald Trump’s announcement of sweeping global tariffs in early April. China placed retaliatory tariffs on US goods, with the back and forth driving tariffs on Chinese imports up to 145%.
China has insisted that the US initiate negotiations, a call that has so far gone unanswered by Trump, leaving global trade in limbo as retailers cancel orders or find themselves unable to pay for shipments that have more than doubled in cost.
While the Treasury Department continues to project confidence, the growing sense of unease among consumers suggests a potential rush on goods could be imminent.
As of now, no major retailers have issued public warnings about shortages, but shoppers have already begun posting images of sparse shelves and long checkout lines in parts of the country.
Originally published on Latin Times
