Treasury Secretary Scott Bessent has stepped up his role on President Trump’s economic team, taking center stage on the president’s plans for tariffs.
Bessent spearheaded the roll out of Trump’s 90-day pause on hefty tariffs on trading partners, briefly calming the markets amid increasing pressure from Wall Street for the trade team to shift gears towards negotiating.
The Treasury secretary has emerged as the leading voice on trade, winning the microphone from top tariff hawks in the administration, including trade adviser Peter Navarro — a development that Republican lawmakers are cheering on vociferously.
“He is a voice that is reassuring and calm when it comes to the news of the day, particularly with regard to what’s happening in the economy and the issues on trade and taxes,” Senate Majority Leader John Thune (R-S.D.) told The Hill.
“I just think that people see him as somebody who speaks with credibility and in a tone that I think captures what the president’s trying to accomplish, but in a way that is not only understandable, but acceptable to the American people,” he added.
One longtime GOP lobbyist added that Bessent, along with Kevin Hassett, the head of the National Economic Council, are the business community’s “great hope” in the administration to keep it from “fully going over the protectionist cliff” in what has already become an internal tug-of-war.
While markets surged after the pause was announced, there’s still major turbulence that will likely remain with the 10 percent tariffs and exorbitant duties on China in place. That was especially the case on Thursday as Wall Street kept up its post-Liberation Day sell-off. The Dow Jones Industrial Average dipped more than 1,000 points, while the S&P 500 and the Nasdaq fell more than three and four percent, respectively.
When asked how people are feeling about the Trump tariffs with Bessent at the helm, one source close to Trump world replied, “Up, down all around. Shaken and stirred — the Trump way.”
Bessent, the founder and former CEO of hedge fund Key Square Group, was tasked with leading negotiations in which the White House says about 75 countries had already approached the administration to make a deal on tariffs. Bessent attributed that to the decision to impose the 90-day pause on the higher bracket of tariffs.
As soon as Trump announced the pause, Bessent and press secretary Karoline Leavitt emerged from the White House to explain the decision to the reporters.
In a Cabinet meeting on Thursday, Bessent took a victory lap while sitting across from the president.
“Countries call me up — ‘Secretary Bessent, we’re happy you’re negotiating.’ Well, President Trump is going to be negotiating too,” Bessent said, describing what he conveys to world leaders.
It was clear Trump also relished in world leaders coming to him to strike a deal, telling Republican lawmakers at a campaign dinner the night before he imposed the pause that countries were essentially groveling to him.
“These countries are all calling us up, kissing my ass. They are dying to make a deal. ‘Please, please sir make a deal. I’ll do anything, I’ll do anything, sir,” Trump said.
The president on Thursday said Lutnick, who was a major part of the roll out of reciprocal tariffs, is also working on negotiations with trading partners. And, a White House official told The Hill that Bessent, as well as Lutnick and Navarro, are still involved in trade matters and that no one has been sidelined.
While Bessent was active on tariffs this week, he also was on Capitol Hill meeting with GOP lawmakers about party unity and the Senate’s framework that will be used to enact key parts of Trump’s legislative agenda, which the
