But, in fact, Bessent wasn’t the primary driver of the tariff announcement, according to a person familiar with the matter. He used his role in Oval Office meetings to lay out potential scenarios for markets and the economy based on different tariff levels, the person said.
From the moment President Donald Trump unveiled his sweeping tariffs Wednesday through the ensuing market mayhem the following day, Treasury Secretary Scott Bessent’s phone lit up with text messages from executives tied to his former industry.
Multiple hedge fund managers and finance executives reached out, seeking his help in swaying Trump on the levies, according to people familiar with the matter. After all, as the former chief investment officer of Soros Fund Management, Bessent was a potential ally. He was seen as someone who could explain to the president that extreme new levies would damage the economy and continue to wreak havoc on markets.
