Treasury Secretary Responds to Criticism from Former Secretary Yellen

Treasury Secretary Scott Bescent has hit back at former Treasury Secretary Janet Yellen after her remarks criticizing the economic and trade policies of the Trump administration. This exchange came to light in a recent interview with Wire China, released on Friday.

Yellen, who held the position during the Biden administration from 2021 to 2025, mentioned that she has had no communication with Bescent and accused him of “successfully revoking everything that was my priorities” regarding the U.S. Treasury’s efforts. She emphasized that the issues extend beyond just China, noting a range of initiatives, including reforms to the Internal Revenue Service, negotiations on international tax treaties, and global challenges like pandemic preparedness and climate change.

In response, Bescent expressed that Yellen’s “bitter comments” were expected. He defended the Trump administration’s approach, stating it engaged China respectfully and effectively. He also pointed out that Yellen’s tenure was marked by substantial budget deficits, claiming she left Americans with the highest deficit in GDP history outside of war or recession.

“The Trump administration and I dealt with China in a manner that was both respectful and fulfilling,” Bescent added. He remarked on the lack of clarity over Yellen’s policy approach, humorously mentioning that aside from “consuming beer and mushrooms,” he wasn’t sure what her strategy was.

Yellen had previously faced scrutiny regarding her behavior during diplomatic events, including her consumption of “issue-cheek” mushrooms and American hops beer while in China. Meanwhile, budget deficits during her time as Secretary of the Treasury—between October 2022 and August 2023—amounted to $1.5 trillion. The Brookings Institution noted that the deficit as a share of GDP rose significantly during that period.