Finance Minister Scott Bessent can save the world from trading chaos
Finance Minister Scott Bessent can save the world from trading chaos
Finance Minister Scott Bessent, who was SIX places away from Trump at a large table with leading business people and cabinet members, had just won an important victory for the government by achieving a temporary agreement to settle the intensified trade war between the USA and China.
important victory for the US government
Bessent had flown directly from the trade talks in Geneva to the Middle East to accompany Trumps first big visit abroad . After a stop in Saudi Arabia, he arrived in Doha two days later with the president, against the background of booming markets.
Trump's assessment was clear: "We have a man here who is incredible," enthused Trump. "When he speaks, the markets really listen."
The meaning of Scott Bessent
Bessent, who is known for his typically reserved public appearance, produced a little smile before expressing a carefully coordinated version of Trump's great praise. "We had a plan, we have a process and now we have a mechanism with our Chinese partners to prevent a renewed escalation," said Bessent. "We will enter a number of negotiations that will be comprehensive and about which we have a lot to discuss."
This improvised screen division - Trump's boldness followed by Bessen's cautious coordination - illustrated a dynamic on which the weight of the global economy is now resting. Besser is the most important economic officer in the world in many ways. He is Trump's main negotiator with China and the task of avert a trade war that could shake the global economy. In addition, he leads negotiations with dozens of other countries that strive for bilateral trade agreements.
challenges and expectations
He is also one of the presidents of the president in a comprehensive package GOP majority environment in the congress has to go across the stage. At the same time, Bessent as finance minister has the task of securing America's dominant role as the backbone of the global financial system and ensuring that the world continues to buy increasing amounts of US debt.
The development of an unexpected leader
In this high -risk moment,Bessent has reported two dozen legislators, government officials, business people and diplomats who have worked with him in the past five months as everything for everyone. "We set a lot of confidence in the minister because he deserves this trust," said a European diplomat. "But I don't think someone can say at the moment whether this is due to what they bring in, or despite the alternatives."
In order to express it less bureaucratic, the undisputed alpha of Trump's economic team, which has consolidated this role in a number of internal power struggles. Last year he prevailed against the long-term allies of Trump, Howard Lutnick, to become finance minister. This spring there was an angry word battle with Elon Musk, which took place in the aisles of the White House.The financial history of Scott Bessent
for a former fan of George Soros, a democratic donor and voter, and a gay, which comes from South Carolina, billion-dollar hedge fund managers without government experience is Bessen's promotion in the heart of Trump's second term in his unlikely as well as consequences.
Wall Street also sees the best- and maybe the only one- hope to moderate Trump's most aggressive trade and business instincts. "He is the calm in an otherwise unique storm," a leading company boss told CNN. "I don't think anyone really knows if they can do it, but I think everyone understood that they are the best chance we have."
To prepare for his role in Trump's trade war, Bessent read a biography of the 25th President of the USA, William McKinley, who is, to a certain extent, Trump's tariff idol before entering the government.
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