US Treasury Secretary Bessent has publicly acknowledged that he was mistaken in his previous statements characterizing tariffs as inflationary, marking a notable reversal in his stated position on trade policy.

Policy Position Reversal

The Treasury Secretary's acknowledgment represents a significant shift from his earlier public stance on the economic impact of tariffs. Bessent specifically stated that he was incorrect in his previous assessment that tariffs contribute to inflationary pressures in the economy.

Implications for Trade Policy

This reversal in position comes at a time when trade policy remains a central focus of US economic strategy. The Treasury Secretary's revised stance on tariffs may signal potential changes in how the administration approaches trade-related economic policies.

The acknowledgment of error by a senior economic official highlights the ongoing debates within policy circles regarding the economic effects of trade measures and their impact on domestic price levels.

US Treasury Secretary Bessent has provided an update on the status of auditing arrangements for Venezuelan assets, indicating that negotiations remain ongoing without a finalized agreement.

Current Status of Venezuelan Asset Auditing

According to Secretary Bessent's statement, no agreement has been reached yet on the selection of auditors for Venezuelan assets. This indicates that discussions are still underway regarding the oversight mechanisms for these financial holdings.

Oil Fund Monitoring Framework

Despite the pending agreement on asset auditors, the Treasury Department has confirmed plans to implement external oversight for oil-related financial flows. Outside auditors will be tasked with monitoring oil fund flows, representing a significant step in establishing transparency measures.

Implications for Financial Oversight

The Treasury Secretary's announcement reflects the complex nature of establishing comprehensive auditing frameworks for Venezuelan financial matters. While progress on asset auditor selection remains pending, the commitment to external monitoring of oil funds demonstrates continued efforts to maintain oversight and transparency in these financial arrangements.

These developments occur within the broader context of US policy toward Venezuela, where financial oversight and transparency measures play a crucial role in regulatory compliance and sanctions enforcement.