Treasury Secretary Scott Bessent said Wednesday the U.S. is moving toward trade agreements with key allies that will form the basis for a united economic front against China, while dismissing fears of a financial crisis as “nothing systemic.”

Yesterday morning, when we were flooded with a barrage of apocalyptically bearish “research” by a generation of Wall Street sellside bankers who seemingly never lived through Trump’s first trade war which which, as we explained previously, followed the following very simple algorithm…