Treasury Secretary Scott Bessent testifies before the House Financial Services Committee on May 7.
Photographer: Francis Chung/AP PhotoBessent on Tariffs, Deficits and Embracing Trump’s Economic Plan
The US Treasury secretary has the ear of an impulsive president—and nervous investors worldwide hope it stays that way. An exclusive interview.
On April 6, the Sunday after Donald Trump unveiled his “Liberation Day” tariffs, Treasury Secretary Scott Bessent joined the president on a flight back to Washington from Mar-a-Lago. Bessent wanted to talk about damage control. By then the image of Trump in the Rose Garden waving placards displaying import duties as high as 49% had spooked investors around the world, triggering the biggest two-day selloff in stocks since the pandemic. “We are in the process of destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital,” billionaire investor Bill Ackman wrote in a post on X, warning of a coming “economic nuclear winter.” JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon chimed in, saying the tariffs were likely to reignite inflation and possibly induce a recession. Larry Summers, a former Treasury secretary, predicted the US would suffer job losses in the millions.