U.S. Treasury Secretary hints that the stock market decline is triggered by DeepSeek, unrelated to Trump

ChainCatcher news, according to Jinshi, U.S. Treasury Secretary Basent stated on Wednesday evening local time that the stock market sell-off is more due to the significant pullback of large tech stocks rather than the protectionist policies of the Trump administration.

In a television interview, Basent said, "I am trying to be the Treasury Secretary, not a market commentator. I want to point out that particularly the Nasdaq index peaked on DeepSeek day, so this is a Mag7 issue, not a MAGA issue."