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Bessent Says There Are ‘No Guarantees’ There Will Not Be a US Recession

Treasury Secretary Scott Bessent walks out of the West Wing to do a television interview on the North Lawn of the White House on March 14, 2025 in Washington, DC. (AFP)
Treasury Secretary Scott Bessent walks out of the West Wing to do a television interview on the North Lawn of the White House on March 14, 2025 in Washington, DC. (AFP)
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Bessent Says There Are ‘No Guarantees’ There Will Not Be a US Recession

Treasury Secretary Scott Bessent walks out of the West Wing to do a television interview on the North Lawn of the White House on March 14, 2025 in Washington, DC. (AFP)
Treasury Secretary Scott Bessent walks out of the West Wing to do a television interview on the North Lawn of the White House on March 14, 2025 in Washington, DC. (AFP)

There are "no guarantees" there will not be a recession in the United States, although there could be an adjustment, Treasury Secretary Scott Bessent said in an interview that aired on Sunday.

But Bessent, speaking to NBC's "Meet the Press," ruled out the chance of a financial crisis.

US stock markets closed down sharply last week amid mounting uncertainties arising from President Donald Trump's frequently shifting policies, including tariff threats against the biggest US trading partners.

Asked whether he could guarantee there would be no recession while Trump was in power, Bessent replied: "There are no guarantees. Who would have predicted COVID?"

Bessent said he was putting in robust policies that would be durable, saying the country needs to be weaned off what he called massive government spending.

Asked whether an adjustment could lead to a recession, Bessent said, "There is no reason that it has to."

Bessent dismissed concerns about recent stock market falls, saying corrections were healthy and that markets "will do great" if the administration puts into place good tax policy, deregulation and energy security.

"We are going to have a transition, and we are not going to have a crisis," he said.

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Saudi-European Partnership Launched between SIDF Investment and Investindustrial  

Officials at the signing ceremony between SIDF Investment Company and Investindustrial Group. (SIDF Investment Company) 
Officials at the signing ceremony between SIDF Investment Company and Investindustrial Group. (SIDF Investment Company) 
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Saudi-European Partnership Launched between SIDF Investment and Investindustrial  

Officials at the signing ceremony between SIDF Investment Company and Investindustrial Group. (SIDF Investment Company) 
Officials at the signing ceremony between SIDF Investment Company and Investindustrial Group. (SIDF Investment Company) 

In a significant step toward strengthening Saudi Arabia’s industrial capabilities, SIDF Investment Co., the financial arm of the Saudi Industrial Development Fund, signed a strategic partnership agreement with European private equity firm Investindustrial on Tuesday.

The alliance aims to attract global institutional capital and advanced industrial expertise to the Kingdom, reinforcing its position as a regional hub for high-value-added manufacturing.

Fahad Al-Naeem, CEO of SIDF Investment Co., described the agreement as a pivotal new chapter in the firm’s investment strategy.

“This partnership with Investindustrial is designed to connect niche industrial specializations and operational know-how with global markets,” he said. “It will support Saudi Arabia’s industrial ecosystem and empower the Kingdom to become both a regional and international platform for manufacturing growth.”

Al-Naeem added that SIDF Investment would leverage its deep local market knowledge to smooth the entry of global manufacturers into Saudi Arabia and integrate them into international supply chains.

Investindustrial Chairman Andrea Bonomi expressed confidence in the alignment between the firm’s investment portfolio and Saudi Arabia’s Vision 2030 goals. “Many of our investments are well positioned to support the Kingdom’s strategic ambitions, creating long-term partnerships and delivering sustainable value,” he said.

The agreement was signed in the presence of Prince Sultan bin Khalid bin Faisal, Vice Chairman of SIDF Investment Company, and Italy’s Ambassador to Saudi Arabia Carlo Baldocci.

According to the Saudi Press Agency (SPA), Investindustrial currently manages more than $19 billion in assets and operates across eight global offices. The firm specializes in medium-sized companies, focusing on sustainable value creation and international expansion.

This partnership reinforces the objectives of Saudi Arabia’s National Industrial Strategy and Vision 2030, both of which seek to position the Kingdom as a global center for advanced manufacturing and integrated supply chains.

The collaboration will focus on joint investments to localize advanced industries within the Kingdom, while enabling Saudi small and medium enterprises (SMEs) to tap into global value chains managed by Investindustrial.

Key sectors targeted by the agreement include machinery and equipment, automation, medical devices, food production, and sustainable consumer goods. The goal is to maximize local added value, stimulate innovation, and enhance competitiveness across the Saudi industrial landscape.

This move is expected to accelerate industrial transformation in the Kingdom, paving the way for increased foreign investment, job creation, and greater integration with international markets.