Scott Bessent confronted on Trump's economy

What happened: Treasury Secretary Scott Bessent defended President Trump's trade policies, unveiling a "3 through 3" plan to combat structural inflation. Meanwhile, he faced criticism from Sen. Raphael Warnock at a Senate Finance Committee hearing, with the senator challenging Trump's economic claims amidst American struggles.

Market impact: The defense of Trump's trade policies and the unveiling of the "3 through 3" plan could boost sectors like manufacturing and industrials, which have been positively impacted by previous trade policy changes. However, the criticism and scrutiny could introduce uncertainty, potentially affecting financials and consumer discretionary sectors.

What to watch next: Investors should monitor the upcoming Senate Finance Committee hearings for further developments and reactions to Bessent's plan. Additionally, key economic data releases, such as the Consumer Price Index (CPI) and Gross Domestic Product (GDP) growth rates, will provide insights into the effectiveness of the administration's economic strategies.