The former hedge fund manager has drawn the line ahead of President Donald Trump’s roster in recent days, in which case Wall Street’s historic sell-off has put pressure on the administration to alleviate its maximum position on import duties.
Jamie Dimon is arguably the largest lamp in U.S. finance, especially on Wednesday’s call for Best Leadership. “Let Scott take the time” to make a deal with trading partners, Dimon said in a Fox business appearance that Trump said he was watching.
Soon after, Bessent canceled his midday appearance with Republicans on Capitol Hill to discuss the Republican tax bill. Later that day, he appeared at the White House and told reporters that, as the initial face of the administration, detailed Trump’s decision to pause the majority of “reciprocity” levies for negotiations.
Before being elected as Treasury Secretary, Bessent described Trump’s approach as “upgrading to downgrade”, a spell he dropped after formally joining the team. But this is something that is happening. Trump, together with U.S. Trade Representative Jamieson Greer, used Best in the process to hold talks with Japan, which was seen as a key ally and a country to quickly stand up.
At Thursday’s cabinet meeting, Trump cited Best and Business Secretary Howard Lutnick as “the people who are engaged in the deal.” Bessent said at the meeting that the Treasury, Business and USTR offices will “implement a process.” He also reiterated that Trump will be directly involved in the negotiations. Stocks surged on Wednesday in news of Wednesday’s suspension, but the S&P 500 gave up more than a third of its surge on Thursday as investors see tough negotiation prospects with dozens of trading partners. “What happened yesterday was the market saw that they had a spokesperson,” said Josh Lipsky, senior director of the Atlantic Council’s Center for Geoeconomics. “The reality today begins,” he said of stocks on Thursday. Wednesday was “one of the most important days of his early term to date, but there are still many tests.”
Play a role
It was a sudden shift for the Treasury Secretary, who has led the negotiations with Republican lawmakers in recent weeks in the tax package with National Economic Commission Director Kevin Hassett.
A Treasury spokesman declined to comment.
Last November, Lutnick appeared to be the undisputed trade czar, as Trump not only elected him as commercial director, but also said he “will lead our tariffs and trade agenda” and was also “directly responsible” for Greer’s USTR office.
Recently, Presidential adviser Peter Navarro played a major role in the reciprocity tariffs announced on April 2, which Trump called “Liberation Day.”
Read more: Trump imposes bigger tariffs on bigger tariffs amid the driving force of China’s Hawk Navarro
“I’m not involved in the calculation of numbers” earlier this week, as stocks fell and Treasury earnings soared, raising concerns not only about the recession, but even the financial crisis.
But now, he will negotiate directly with the U.S. trading partners on any new figures generated by trade negotiations. He showed that along with Japan, South Korea, Vietnam and India, it was a top priority and highlighted how these countries are geographically surrounding China – which has been knocked down by a 145% tariff rate hike and no outward yet is not obvious.
Market turmoil
“I will be in a lot of negotiating roles in many tariffs,” Bessent said on Wednesday, heading to Argentina next week.
What is unclear is whether the current approach and the key role of Bessent is part of some big master plan or just a quick response to Wall Street sell-off that has put the S&P 500 in a bear market and fallen into a fall in the U.S. Treasury, raising concerns about funding squeezes.
Best’s more important role is “an encouraging signal for investors”, said Best’s chief Washington Gardner.
Following the announcement on April 2, Bessent repeatedly touted in news interviews, with dozens of countries approaching Washington for negotiations and advising trading partners to avoid retaliation. Signaling is omitted: Any suggestion that new, steep tariff walls will be pasted for a long time and serve as a force for re-made manufacturing from abroad – Navarro will usually push this.
Bessent, a South Carolina native, also stayed in touch with Trump after last week’s announcement – flew to Mar-a-Lago over the weekend to consult with the president after last week’s stock downturn.
Team News
“This is exactly the way it should be,” Navarro said shortly after speaking at the White House on Wednesday. He also reiterated his point that what is about to happen is “no negotiation,” even though the United States will listen to what the trading partners say. “We’re all on the same page,” he said on the Fox business.
Whether this obvious unification will follow the negotiations remains to be seen. Hassett said Thursday that “about 15” countries have made “clear offers that we are studying and considering and decide whether they are good enough to introduce them to the president.”
Read more: Hassett says we are “good” in negotiations, with 15 offers on the table
Thursday’s uneasy meeting on Wall Street showed pressure on investors’ guaranteed deals are being paid.
