Just minutes after President Donald Trump announced a 90-day pause on a tariff plan that sent global markets into turmoil, U.S. Treasury Secretary Scott Bessent stepped outside the White House to explain the sudden change in strategy.
“President Trump created maximum negotiating leverage for himself,” Bessent told reporters. “This was his strategy all along.”
This marked the latest sign of Bessent’s increasing influence in shaping Trump’s trade policies, particularly amid contradictory messaging from the president and business leaders. Sources close to the White House say that Bessent, a former hedge fund manager, has become a key voice of reason in Trump’s trade team, which includes trade hardliners like Peter Navarro and Commerce Secretary Howard Lutnick.
“Scott was always trying to counter the protectionists in the White House, who pushed Trump to take a harder stance on tariffs,” said Stephen Moore, a longtime Trump adviser. While Trump ultimately shifted his strategy, Moore noted that Bessent played a pivotal role in moderating the president’s approach.
According to a White House official, Bessent advocated for lower tariffs, while Navarro pushed for higher ones. However, the entire trade team supported the decision announced by Trump on April 2, which temporarily paused reciprocal tariffs.
The initial tariff announcement wiped trillions of dollars from global stock markets and sparked fears of a recession. Following Trump’s reprieve, markets surged, with the S&P 500 posting its biggest gain since 2008.
Although Bessent publicly defended the original tariff plan, sources say he privately nudged Trump toward negotiations with other countries. His efforts eventually paid off, and Bessent was seen with Trump when the president announced the 90-day pause on social media.
A source close to the White House remarked that Bessent’s role had clearly grown within Trump’s trade team. Former Representative Charlie Dent (R-Pa.) described Bessent as a “real adult in this room,” adding that his understanding of economic impacts was crucial.
However, not everyone was fully supportive. Marc Short, Trump’s former legislative affairs director, expressed skepticism. “While I’m relieved to see the reprieve, it seems like they’re in retreat,” Short said, pointing out Bessent’s previous defense of global tariffs.
The announcement of the tariffs last week shocked many, with private-sector economists quickly downgrading U.S. economic forecasts. Even former allies, including China, retaliated forcefully, while prominent figures like Larry Fink, Jamie Dimon, and Elon Musk criticized the strategy.
During the weekend, Bessent traveled from New York to Florida, where Trump was golfing, before returning to Washington to discuss how to reassure the markets. He stressed the importance of emphasizing a willingness to make deals.
Bessent and Trump had a long conversation on Sunday, with Bessent noting, “In my 35 years in the market, I always wanted certainty, so I think we’ve got more certainty now.”
White House rhetoric on tariffs also shifted, with Press Secretary Karoline Leavitt stating that Trump was open to “tailor-made” agreements with other nations. Bessent and U.S. Trade Representative Jamieson Greer were tasked with initiating talks with Japan.
While Bessent’s influence seems to be growing, his position could be temporary in an administration marked by internal divisions. Despite his rising prominence, Bessent’s message has not always aligned with Trump’s, with Bessent claiming the president always planned to ease the tariffs, while Trump later indicated that market panic played a role in his decision.
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