Following President Donald Trump’s announcement of a 90-day pause on a controversial tariff plan that had caused significant market turmoil, U.S. Treasury Secretary Scott Bessent emerged as a key figure in clarifying the administration’s intentions. Bessent stated to reporters, “President Trump created maximum negotiating leverage for himself. This was his strategy all along.” His remarks highlighted his increasing role in shaping Trump’s trade policies, despite occasional contradictions with the president’s statements and those of business leaders.
Bessent, a former hedge fund manager, has been described by sources close to the White House as the “adult in the room,” providing the president with sound advice amidst a team that includes trade hardliner Peter Navarro and Commerce Secretary Howard Lutnick. Stephen Moore, an economist and Trump adviser, indicated that while the president ultimately altered his strategy, Bessent continually advocated for moderation against more aggressive tariff proposals. The introduction of the multi-nation reciprocal tariffs had far-reaching effects, resulting in significant economic downturns and widespread concern about a recession. However, following the announcement of the 90-day pause, stock markets surged, with the S&P 500 experiencing its most substantial single-day growth since 2008.
While Bessent maintained the administration’s stance in public discussions regarding the original tariffs, he privately influenced Trump towards a more conciliatory approach with other countries. This shift was evident in the rhetoric from White House officials as they began to signal openness to customized trade agreements. As Bessent’s prominence in the Trump administration grows, so does the uncertainty surrounding his influence. Despite critics questioning the effectiveness of the tariff strategy, Bessent remains focused on establishing negotiations, illustrating the complexities intertwined in the administration’s trade decisions.