Scott Bessent, the Treasury secretary shaping Trump’s trade war

At a cabinet meeting on Thursday, the US Equity Index showed new concerns in Donald Trump’s trade policy, the President returned to Scott Basent for updating market updates.

The Treasury Secretary responded, “I don’t see anything unusual today.

He promised, “We will reach the place of great sure on the next 90 -day tariff.”

It may be intentional thinking on behalf of the former Hed Fund Manager from South Carolina.

Earlier, the Treasury secretaries faced serious economic and financial problems, during the financial crisis from Team Githner and Hank Paulon to Steven Munuchin and Janet Yenlen at the height of the epidemic. However, the president has been accused of conducting a shock response from the president who is working on behalf of Besent, after Trump has taken ten percent of the board’s responsibilities on the imported goods around the world, high tariffs on many large business partners and increasing tariffs on China.

Trump suddenly returned some of his plans this week in response to the pressure of investors, continued to suffer US wealth prices. Not only is America’s isolation from the global economy, there is a self-destructive hit in the US markets, which are at risk to preside over the dollar status as a reserve currency in the world.

“We can move towards a serious financial crisis that is fully persuaded by the US government’s tariff policy,” Lawrence Summers, the former Treasury Secretary of the United States, wrote in the beginning of this week.

However, to its supporters, Basent has debuted as a potential savior, Trump and the most senior officials in a full-fledged global trade war, otherwise in the administration equipped by fundamentalists. After meeting Trump in Florida last Sunday, the US President opened the door to negotiating with Japan and South Korea and in charge of Besent. Wednesday was also in the Besent Oval Office when Trump announced a 90 -day break on steep tariffs excluding China.

“He is the perfect person to bring President Trump’s agenda back to the Business School Finance and Economics at the University of Columbia,” he is the perfect person to bring back the agenda of President Trump, so that we do not tank the economy or financial markets. ” “Some people in the administration are not so knowledgeable on the economy, markets, booms and buses, where Scott is there”.

Besent was born in 9622, in the coastal town of South Carolina, on the Conway near Martle Beach. His father was a property investor and his mother helped manage the family business.

At the University of Yale, he earned a degree in political science before developing emotions: When he joined the Soros Fund Management directed by Liberal Liberal investor George Soros in the early sixties, his first big break came. From the London office, he played a key role in the group’s profitable bet against Pound.

“Scott was a man at the Ground in London, why Britain was supplied to the exchange rate of the exchange rate, providing economic basis, logic and thesis,” Weinberg said, “Weinberg said. While working for Soros, Basent led another successful bet – this time against Japanese Yen.

He married former New York prosecutor John Fremann: They have two children and have recently sold millions of dollars of Historic Tihasik Mansion in Charleston, South Carolina. “If you informed me in 1984, when we were graduated, and people were dying in AIDS, 30 years later I would be legally married and have two children through surrogacy, I didn’t believe you,” he told Yale Alumni Magazine in 2015.

In 2015, Basent left Soros to find his own hedge fund key square group. The move matches his growing support for Trump’s political desire. He donated to Trump’s 2017 inauguration and became a major publicity donor in 2021 – his tax cut and control pitch. A financer who said that he had always had money from him. “He lived well – a private plane, beautiful home.”

After Trump’s second win, Besent’s champion was political strategist Stephen Banon to become the Treasury Secretary. “He is my guy,” Bannon wrote the foot in a text message. Bannon added Bannon, who now hosted the podcast, “War Room contributed for 2 years – Maga loves him.”

In the first few months of the office, Basent has not had an easy journey. Trump assigned him to protect an agreement with Ukraine to secure access to minerals and natural resources. It has not yet been signed. Since taking oath, the S&P 500 index has dropped 13 percent, and the 10-year-old Treasury Bond yield, the market index he looks most closely, has grown somewhat even though the sale is a bit of a sales article-investors are losing faith in their safe-Haven status. The Democrats attacked him as helpless and lonely. “We need a Treasury Secretary who is in the real world this week,” Elizabeth Warren said this week.

The jury is still out that Besent Trump’s trade war will be able to turn the war in a way that will be transparent to the market, economy and foreign governments. “He was always a very private person, working in small groups.” And now he suddenly has this high-profile public figure at the center of absolute chaos. “

Miles

James.Polity@ft.com, Amelia.pollard@ft.com, James.Fnettenella@ft.com