Treasury Secretary Bessent has recently clarified the situation! His statement on November 12th directly reassured the market: the so-called $2000 "stimulus" is targeted at households with annual incomes below $100,000 and is essentially a tax rebate measure. This large-scale tax rebate is expected to be implemented by early 2026. As for the previously hotly discussed "tariff dividends"? Bessent admitted that discussions are still ongoing, with multiple options for distribution channels, and no final decision has been made yet.

Looking back at his remarks on November 9th, they are quite interesting. At that time, his stance was very firm—"Opponents of tariffs are fools," he said, citing a bunch of data: inflation near zero, stock market hitting new highs, and record balances in 401k retirement accounts. He claimed that the annual inflow could reach trillions of dollars, used to pay off the $37 trillion national debt. Investment and businesses were booming like mushrooms after rain, with promises to give everyone (except high-income groups) at least $2000.

However, just three days later, the policy details changed. Rebate measures are separate from tariff dividends. This difference in stance has a significant impact on market expectations. After all, every detail of fiscal policy can influence capital flows and risk appetite.