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It wasn't what was said, but what wasn't said. 

That's what I have been telling the CEOs who have reached out following my chat with US Treasury Secretary Scott Bessent earlier this week (video above). I very much enjoyed my 23-minute chat with the secretary, full-stop. I learned a lot in a short period and greatly appreciated his time. 

He is level-headed and deeply understands market history and market plumbing — no doubt a by-product of his decades spent in the hedge fund industry. Of course, these are good traits to have as a Treasury secretary if things go to hell in a handbasket (see the Great Financial Crisis). 

But at the end of the day, I came away thinking the cloud of uncertainty hanging over markets on tariff policy — a key market headwind — should remain in place in the near term. Consequently, any rallies in stocks like we saw after the recent electronics tariff exclusions should be treated as short-lived. 

Read more: The latest news and updates on Trump's tariffs

In the center of this uncertainty cloud is, naturally, China. The two superpowers seem light-years apart in calling some form of trade truce.

When I asked the secretary if he had talked to his Chinese counterpart, this is what he replied:

"We did an introductory call a couple of months ago. We haven't spoken since. I'm not sure who from PRC [People's Republic of China] will be [here] next week — it's a big week in Washington. It's the International Monetary Fund World Bank Week. So I know that the People's Republic will send someone from finance, probably the PBOC, People's Bank of China governor. So they will be here. You know, I may bump into them. We don't have anything scheduled," Bessent said. 

Wow, bump into them in a hallway? That's where things are at? Not great.

Then there was this response to whether tariff deals will be inked with up to 130 countries by the time the 90-day pause ends:

"Let's set aside China. There are 15 large trading partners. We set aside China. There are 14, and we're in rapid motion and setting up a process for the 14 largest trading partners, most of whom have very large deficits. So, in 90 days, are we going to have a complete doc, a formal legal document done and dusted? Not likely," Bessent said. 

However, he did note that a framework could be worked out within the pause period. 

As all of this is playing out, the administration is still clamping down on relations with China. See this week's AI chip restriction news that rattled the market caps of AI leaders Nvidia (NVDA) and Advanced Micro Devices (AMD). Nvidia will be forced to take a $5.5 billion charge and AMD an $800 million one. 

It's a tough pill for investors to stomach. It underscores the degree of policy risk that still isn't priced into the markets, even if the bulls suggest otherwise. 

On the heels of this interview, I'll be talking to a large number of CEOs over the next two weeks. Some right after their earnings calls, some before them (which you can now listen to straight on Yahoo Finance!), and others over a drink. 

I am curious what you want to know from these power brokers. 

I, for one, am keen to understand how execs plan to price their products and services in the era of tariffs. It could have major ramifications for consumer demand and Fed policy this year. 

And I'm also looking to see how committed they are to current staffing levels in this uncertain environment. If a company is forced to pay a big tariff at the same time as consumers pull back, best believe CEOs are going to slice fat off the expense line — that usually comes by way of canning workers. 

Hey, have to make that quarter and get that bonus payout somehow, right!? 

Drop me a line on X with your thoughts @BrianSozzi.

Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.

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