Scott Bessent

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Trump Rules Out One Name to Replace Jerome Powell

Scott Bessent will be staying put at Treasury

(Newser) - It's been abundantly clear for some time that President Trump would like someone other than Jerome Powell in the Fed chair's, well, chair. But that person will not be Treasury Secretary Scott Bessent, reports Politico , and the decision was mutual. "I love Scott, but he wants to...

Bessent Talks 'Backdoor for Privatizing Social Security'

Treasury secretary's description of 'Trump accounts' ignites some debate

(Newser) - Treasury Secretary Scott Bessent sparked debate Wednesday by describing the newly unveiled Trump accounts as a potential game-changer for retirement savings—and a "backdoor for privatizing Social Security." The tax-deferred savings accounts, introduced under President Trump's recent tax law, allow parents to invest up to $5,...

US and China Hold Trade Talks in London

Discussions to last a day, at least

(Newser) - High-level delegations from the United States and China are meeting in London on Monday to try and shore up a fragile truce in a trade dispute that has roiled the global economy. A Chinese delegation led by Vice Premier He Lifeng is due to meet US Commerce Secretary Howard Lutnick,...

Trump Brought a Bunch of Honchos to Saudi Arabia

The list of American executives in attendance is long

(Newser) - President Trump landed in Saudi Arabia on Tuesday to a very warm welcome , and he brought with him an entire entourage. As the New York Times reports, a who's who of business executives attended a lunch in Riyadh, as well as a significant part of Trump's Cabinet. A...

US, China Ease Trade War More Than Expected

World markets jump as nations slash tariffs

(Newser) - The US and China cooled off their trade war in a big way on Monday—more than expected—and the stock market was jumping in response:
  • Both nations agreed to cut the "reciprocal" tariffs on each other from 125% to 10%, reports the Wall Street Journal .
  • The US will
...

US Negotiators Report Progress in China Talks

White House says there's a deal, vice premier suggests it's more of a framework for talks

(Newser) - "I'm happy to report that we made substantial progress between the United States and China in the very important trade talks," Treasury Secretary Scott Bessent told reporters on Sunday in Switzerland. He didn't go so far as to say an agreement was reached, though the White...

Trade Talks Begin, With Trump Tariffs as Backdrop

Negotiators meet for 10 hours in Geneva, plan to resume Sunday

(Newser) - Negotiations are to resume Sunday in Switzerland after US and Chinese officials met for more than 10 hours on Saturday. The talks are the first since President Trump placed a 145% tariff on goods coming from China. Neither side issued an immediate assessment of progress in the negotiations, held in...

Trump to Revisit Auto Industry Tariffs
Trump's 'Significant
Reversal' on Auto Tariffs
UPDATED
Apr 29, 2025 7:52 PM CDT

Trump's 'Significant Reversal' on Auto Tariffs

He signs executive order to ease impact on US automakers

(Newser) - President Trump signed an executive order on Tuesday to relax some of his 25% tariffs on autos and auto parts, a significant reversal as the import taxes threatened to hurt domestic manufacturers. Automakers and independent analyses have indicated that the tariffs could raise prices, reduce sales, and make US production...

Opposing Views on Trump Moves: He 'Blinked,' or It's Chess
Trump Appears
to Be Listening
to Wall Street
the rundown
Apr 24, 2025 12:07 PM CDT

Trump Appears to Be Listening to Wall Street

A look at why the president is walking back economic threats on tariffs, China, the Fed chief

(Newser) - President Trump has seemed to relish escalating the fight against his detractors on a range of issues in his second term. With one exception: economic policy. Trump has lowered the temperature on a number of key issues, including the trade war against China, threats to fire Fed chief Jerome Powell,...

Report: Bessent, Musk Had Heated Clash in White House

'It was two billionaire, middle-aged men thinking it was WWE in the hall of the West Wing'

(Newser) - The friction between Elon Musk and Treasury Secretary Scott Bessent reportedly caused sparks to fly in the White House last Thursday. Axios , citing two witnesses and three sources briefed on the matter, reports that the two men had a shouting match within earshot of President Trump and visiting Italian Prime...

Bessent: Trade War With China Is Not 'Sustainable'

In private speech, Treasury chief says he expects 'de-escalation'

(Newser) - US Treasury Secretary Scott Bessent said in a Tuesday speech that the ongoing tariffs showdown against China is unsustainable and expects a "de-escalation" in the trade war between the world's two largest economies.
  • But in a private speech in Washington for JPMorgan Chase, Bessent also cautioned that talks
...

Musk-Bessent Friction Leads to More Drama at IRS
Musk-Bessent Friction Leads
to More Drama at IRS
the rundown
Apr 18, 2025 2:13 PM CDT

Musk-Bessent Friction Leads to More Drama at IRS

Tax agency is getting yet another interim leader

(Newser) - The IRS is getting its fifth leader since January, and the latest turnover is the result of friction between Elon Musk and Treasury Secretary Scott Bessent, reports the New York Times . Coverage:
  • Deputy Treasury Secretary Michael Faulkender is taking over, reports the Wall Street Journal . He is Bessent's pick.
...

A Key Moment in Tariff Reversal: Sean Hannity's Show
A Key Moment in Tariff
Reversal: Sean Hannity's Show
the rundown
Apr 10, 2025 6:29 AM CDT

A Key Moment in Tariff Reversal: Sean Hannity's Show

Trump watched GOP senators voice concerns, then spoke with them afterward

(Newser) - Asian and European markets surged on Thursday, as the US market did the previous day on news of President Trump's partial reversal on tariffs . However, the major American indexes were poised to open Thursday with losses of 1% to 2% as investors continue to process the dizzying chain of...

Bessent's New Comments Worsen Mood on Wall Street

Futures are down after treasury secretary calls correction 'healthy' and won't rule out a recession

(Newser) - After falling into correction territory last week—with the benchmark S&P 500 off 10% from its earlier highs—stocks were poised to start the new week with modest declines. Dow futures were down more than 130 points, and USA Today reports that comments from Treasury Secretary Scott Bessent over...

Treasury Chief: We May Need 'Detox' on Economy

Bessent foresees some turbulence as government spending declines

(Newser) - It's not a word typically applied to the economy, and it may not thrill Wall Street investors. But Treasury Secretary Scott Bessent told CNBC on Friday that the nation's economy may be in need of a "detox."
  • "Look, there's going to be a natural
...

Musk Would Be Among the Few to Ever Check on Fort Knox Gold
Fort Knox Has Had Few Visitors
Feb 23, 2025 10:00 AM CST

Fort Knox Has Had Few Visitors

One inspection followed rumors the gold was gone

(Newser) - President Trump says Elon Musk will be looking at Fort Knox, the famous depository in Kentucky for American gold reserves, to make sure the gold is still there. Treasury Secretary Scott Bessent says that there is an audit every year and that "all the gold is present and accounted...

Report: Trump's Ukraine Mineral Deal Has Been 'Improved'

Zelensky's aides have urged him to sign it, sources say

(Newser) - The Trump administration is still pushing for a deal for mineral rights in Ukraine after disagreements over the issue led to a very public falling out between President Trump and Volodymyr Zelensky. The Wall Street Journal reports that the administration has doubled down on demands for Ukraine to sign away...

Bessent Tells CFPB to Stop Nearly All Its Work

Consumer watchdog has been a target of business interests, including banks

(Newser) - The Consumer Financial Protection Bureau has all but shut down after receiving a list of tasks from Treasury Secretary Scott Bessent that it is no longer allowed to do. Bessent, who is functioning as the bureau's acting director after President Trump fired Rohit Chopra on Saturday, wrote in a...

Warren to Treasury Chief: You Blew It on Elon Musk

Senator criticizes decision to grant him access to federal payments system

(Newser) - Days after the new Treasury secretary gave Elon Musk access to a sensitive federal payments system , Sen. Elizabeth Warren has a question: What you were thinking, Scott Bessent?
  • "I am alarmed that as one of your first acts as secretary, you appear to have handed over a highly sensitive
...

Bessent Gives Musk Access to Payroll System

Top Treasury official, since ousted, had blocked the move

(Newser) - After the ouster of a top Treasury Department official who had resisted the move, Elon Musk and his team have received full access to a sensitive government system that handles trillions of dollars in federal payments. Treasury Secretary Scott Bessent granted the unprecedented access late Friday, the New York Times...

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