LOS ANGELES – Treasury Secretary Scott Bescent cautioned those critical of President Donald Trump’s contentious tariff strategy, stating that betting against America might not be wise. This comes amid growing concerns from major financial figures who worry that the trade conflicts have positioned the United States as “just an exception.”
Speaking at the annual Milken Institute Global Conference in Beverly Hills, Bescent expressed optimism about Trump’s America First agenda and suggested that the administration’s trade, deregulation, and tax policies could usher in a “golden age” of economic growth.
He asserted, “Never bet on America,” emphasizing the resilience of the US economy. Each time it faces adversity—be it major historical events, recessions, or the COVID pandemic—it ultimately rebounds, often emerging stronger.
Bessent’s remarks followed comments from Citadel’s Ken Griffin, who typically hosts a welcoming event for the Milken Conference but appeared at a rival function the previous day.
On the same day, Mark Rowan, CEO of Apollo Global Management, echoed Griffin’s sentiment, highlighting that Trump’s tariff threats may be tarnishing America’s global reputation.
Rowan pointed out, “We’ve damaged U.S. brands: a brand of stability, predictability and regularity,” suggesting a shift from U.S. exceptionalism to mere regularity.
Jane Fraser, the CEO of Citi, argued that tariffs exceeding 25% are too burdensome for businesses to absorb.
She noted, “Most companies find themselves in a challenging position, with some suspending investment decisions and hiring plans,” which could dampen demand and affect the overall economy.
Since Trump announced “liberation day” on April 2, the market has seen significant fluctuations, especially after he proposed steep tariffs on trading partners but later paused them to negotiate, aside from a 145% tariff on China.
Bessent, 63, contended that these tariffs are detrimental to American families and expressed confidence that Trump will successfully bring jobs back to the U.S.
“The intention behind these tariffs is to motivate businesses to invest domestically, hire local workers, and produce here,” he stated at the Milken Summit’s opening day.
He underscored the strength of the American workforce and the favorable tax and regulatory landscape as key advantages.
However, Stephen Borelli, CEO of Katz Clothes, indicated that e-commerce firms heavily reliant on China might face significant challenges.
“We don’t have months to figure this out. We’re currently working under 145% tariffs without much stock to sustain us during negotiations,” he explained.
“We are caught in a tough situation. We either take a loss or not sell at all. While we support what Trump is trying to do, we aren’t completely on board with his methods,” the Los Angeles-based entrepreneur added.
The 28th Milken Institute Global Conference, created by former banker Michael Milken, aims to leverage free market principles to address social issues.
It claims to explore strategies that promote a sustainable, equitable, and resilient future.
Milken, once dubbed the “Junk Bond King,” faced legal challenges after a 1989 insider trading probe. Following a guilty plea and a two-year prison sentence, he dedicated himself to philanthropy.
