Treasury Secretary Scott Bescent is on the stage for President Trump's role in the economic team and is now on the stage for the president's tariff plans.
Bescent spearheaded a 90-day suspension on heavy tariffs on Trump's 90-day trading partners, temporarily calming the market amid increasing pressure from Wall Street for trade teams to shift gears towards negotiations.
The Treasury Secretary emerged as a major voice in trade and acquired the microphone from the administration's top Talif Hawks, including trade adviser Peter Navarro.
“He's a comfortable and gentle voice, especially when it comes to the news of the day, especially regarding what's going on with the economy, trade and tax issues,” Senate majority leader John Tune (Rs.D.) told Hill.
“Not only does people think he is a person who speaks with confidence and thinks he is capturing what the president is trying to achieve, but in a way that is not only understandable, but also acceptable to Americans,” he added.
One longtime GOP lobbyist added that Bessent, along with Kevin Hassett, head of the National Economic Council, is a “great hope” for the business community to prevent what has already become an internal tug-of-war from “fully crossing the protectionist cliff” and “fully climbing the protectionist cliff.”
The market has skyrocketed after the suspension was announced, but there is still a huge turbulence that China's 10% tariffs and exorbitant obligations are likely to be maintained. That was especially true on Thursday as Wall Street continued selling Day after the relavalation. Dow Jones Industrial Average has soaked over 1,000 points, while the S&P 500 and Nasdaq have fallen by more than 3% and 4% respectively.
When asked how people felt about Trump's tariffs at the helm, one source close to Trump's world replied, “Up and down, shaking, shaking, shaking – Trump's path.”
Bessent, founder and former CEO of Hedge Fund Key Square Group, has been tasked with key negotiations that the White House says about 75 countries are already approaching administration to make deals on tariffs. Bessent attributed it to the decision to impose a 90-day suspension on higher tariff brackets.
As soon as Trump announced the suspension, Bescent and press secretary Caroline Leavitt emerged from the White House to explain the decision to reporters.
At Cabinet meeting on Thursday, Becent sat across from the president to win the victory lap.
“The countries call me – 'Secretary Bescent, I'm happy you're negotiating,' President Trump is going to negotiate too,” Bescent said, explaining what he's telling world leaders.
Trump also made it clear that world leaders would come to him to sign a deal, telling Republican lawmakers at a campaign dinner the night before he imposed a moratorium on which the nations essentially grove him.
“All of these countries are calling us and kissing my ass. They want to make a deal.” Please do a trade. I'll do anything, I'll do anything, sir
The president on Thursday said Lutnick, who was a major part of the mutual tariff rollout, is also working on negotiations with his trading partners. And White House officials told Hill that Bescent, Lutonic and Navarro are still involved in trade issues and no one is on the sidelines.
Bescent was active in tariffs this week, but he also met at a GOP lawmaker at Capitol Hill meetings on party unity and the Senate framework that will be used to enact a key portion of Trump's legislative agenda that the House passed on Thursday morning.
The job was rewarded. Especially for lawmakers who believe in him overwhelmingly on economic issues such as Lutonic and Navarro. Explaining that level of trust, one Senate Republican claimed at least 95% with him, Hassett and US trade representative Jamieson Greer.
“He's smart. He's experienced. He's power. He thinks before he speaks,” Sen. John Kennedy (R-La.) knew him before he had lunch with Bescent earlier this week and spent his time at the Treasury. “He understands that wisdom requires you to say nothing – not go to a news show and say something you don't know anything. [or] It looks like something raised by a dog. ”
“Along with some of these economists, I think if I want to hear them talk and hide something from them, you'll hide it in a book about economics,” Kennedy continued. “I think he knows what he's talking about. I'm not saying he's perfect, but he's not trying to get his glamorous view in a way that undermines his integrity.”
The White House defended the entire trade team in a statement.
“President Trump has gathered the most experienced trade and economic teams in modern American history, gaining unique insights from the private sector, government and academia. Every member of the administration is in line with the play from President Trump's playbook.
The idea for a 90-day suspension was first publicly proposed by billionaire hedge fund manager Bill Ackman. After the announcement, Ackman thanked the president x And added, “@secscottbessent rock! ”
The corporate world is seen as redemption in comparison to Trump's loyalty, including Navarro and top advisor Stephen Miller.
“The business community believes Peter Navaro and Stephen Miller are putting 200 years of economic growth and free enterprise at risk. So anyone who pushes back as president, even a bit, like Secretary Bescent, will be considered saviors,” a GOP lobbyist told Hill.
“At the end there were a lot of “normal” voices. [former director of the national economic council] Gary Korn, [former Treasury secretary] Steve Munchin, [former deputy national security adviser] With Dina Powell [former aide] To counter the Navarro-Miller view, Rob Porter currently has few like-minded allies,” the lobbyist added.
Corn, Munuchin and Powell were all Goldman Sachs alumni and became Wall Street majors before the Trump administration.
And while Wall Street on Wednesday expressed a collective relief sigh with Bester at the forefront of the rollout, it is still questionable whether he has a long-term market settled or whether the rally was a one-time event.
Some Trump's world sources say that Trump doesn't have Wall Street weight in his cabinet for the second term. Bessent is not a market maker like Jamie Dimon, CEO of JPMorgan Chase, or Mark Rowan, co-founder of Apollo Global Management.
“I think there's a good feeling, but when my business is decimal point, I think [are] Differently, I'm dealing with the effects of double digit losses… he's a small fish,” the source added.
