Media reports: U.S. treasury secretary considers stepping down after tariff backlash
U.S. Treasury Secretary Scott Bessent is reportedly considering departing from the Trump administration in light of the president's announcement regarding "reciprocal tariff," which has sparked worries about its potential effects on the economy, as reported by The New Republic on Saturday.
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U.S. Treasury Secretary Scott Bessent is reportedly contemplating leaving the Trump administration in light of the president's recent announcement regarding "reciprocal tariffs," which has sparked worries about potential economic repercussions, according to a report by The New Republic on Saturday.
On MSNBC's Morning Joe, contributor Stephanie Ruhle shared that Bessent, a former hedge fund manager, is becoming increasingly marginalized within the administration and may be considering a departure to protect his credibility, potentially eyeing a position at the Federal Reserve.
The report indicates that Bessent's dissatisfaction is linked to Trump's tariff policy, which imposes a 10 percent baseline tariff on nearly all foreign goods—a strategy that Bessent has warned could heighten global trade tensions.
He has advised other nations against retaliating, expressing concern over further damage to markets. Nevertheless, his recommendations appear disconnected from the reality that foreign leaders face, who are under significant pressure to counteract Trump’s assertive policies.
Ruhle emphasized that Bessent, who has a solid grasp of market dynamics, is likely aware of the adverse effects that Trump's policies are inflicting, particularly in light of the recent downturn in the markets. The Dow Jones and Nasdaq experienced their worst days since 2020 following the tariff announcements.
Although Bessent had previously minimized the negative impacts of tariffs, suggesting they were simply price adjustments rather than a source of inflation, many experts—including Ruhle—have highlighted that tariffs adversely affect vulnerable Americans who depend on affordable imports for their daily needs.
James del Carmen for TROIB News
On MSNBC's Morning Joe, contributor Stephanie Ruhle shared that Bessent, a former hedge fund manager, is becoming increasingly marginalized within the administration and may be considering a departure to protect his credibility, potentially eyeing a position at the Federal Reserve.
The report indicates that Bessent's dissatisfaction is linked to Trump's tariff policy, which imposes a 10 percent baseline tariff on nearly all foreign goods—a strategy that Bessent has warned could heighten global trade tensions.
He has advised other nations against retaliating, expressing concern over further damage to markets. Nevertheless, his recommendations appear disconnected from the reality that foreign leaders face, who are under significant pressure to counteract Trump’s assertive policies.
Ruhle emphasized that Bessent, who has a solid grasp of market dynamics, is likely aware of the adverse effects that Trump's policies are inflicting, particularly in light of the recent downturn in the markets. The Dow Jones and Nasdaq experienced their worst days since 2020 following the tariff announcements.
Although Bessent had previously minimized the negative impacts of tariffs, suggesting they were simply price adjustments rather than a source of inflation, many experts—including Ruhle—have highlighted that tariffs adversely affect vulnerable Americans who depend on affordable imports for their daily needs.
James del Carmen for TROIB News
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