Treasury Secretary Scott Bessent said the U.S. economy may be “starting to roll a bit,” as data suggests last year’s red-hot economy may be slowing. Bessent said the Trump administration’s moves to transition the economy to one which emphasizes private spending over public spending may require a “detox” period.

U.S. Treasury Secretary Scott Bessent joins 'Squawk Box' to discuss the state of the economy, U.S. foreign trade relations, economic impact of President Trump's tariffs policy, and more.

Treasury Secretary Scott Bessent warned the U.S. economy could enter a "detox period" as the administration shifts from robust government spending.

Describing the economy as inherited is a reference to the administration under then-President Joe Biden. Current President Donald Trump took office on Jan. 20. Under Biden, the U.S. saw generally strong economic growth. However, there were signs of a slowdown in late 2024, and inflation remained above the Federal Reserve's 2% target.

Treasury Secretary Scott Bessent says that the US should become a global leader in digital assets. In a new interview with CNBC, Bessent says the United States should welcome crypto-related businesses into the country and take a leadership role in the industry.