On Wednesday morning, when Treasury Secretary Scott Bessent stepped up to address the American Bankers Association, he certainly didn’t display any ‘yippiness’—the president’s description for how some Republicans and financial leaders were expressing concerns over his tariff policies. These individuals had been raising alarms about the potential impacts of these measures.
Initially, Trump referred to them as 'Panicans,' describing this group as a 'new party made up of feeble-minded individuals.' However, Bessent managed to strike an exceptional communication equilibrium that not only calmed stock traders but also satisfied his employer.
Bessent calmed the gathering of bankers by stating that due to the president's tariff warnings, 75 countries expressed their willingness to negotiate with him, and out of these, 15 nations had already put forward a proposal.
The president has already had productive conversations with the Japanese Prime Minister as well as the leaders of South Korea ," Bessent disclosed, and he was swiftly moving to finalize significant trade agreements.
I have no plans to go anywhere. Easter He smiled broadly, showing that he'd take on a 'leading negotiation position' in the endeavor.
Bessent maintained a laid-back tone, yet he unmistakably expressed his support for the president's agenda.
He addressed various groups of people to spread his message — including appearances on Fox Business and CNBC, as well as an interview with a podcaster. Tucker Carlson voicing numerous similar populist positions that the president promoted throughout the election campaign.
'Wall Street has performed exceptionally well. It can keep up this good performance. However, now it’s time for Main Street to benefit,' he stated.
To the global community, he implored nations to reach an agreement at the negotiating table, emphasizing that America was paying attention.
"If you choose not to retaliate, that sets a limit," he stated, encouraging them not to begin "harming themselves" by economically aligning with China.
Various advisors to Trump were in far riskier positions as they attempted to sway the discussion.
Howard Lutnick, serving as the commerce secretary, upset Wall Street investors by displaying aggressive behavior during interviews, showcasing the kind of assertiveness often appreciated by the president. He accompanied the president on Air Force One for a trip to Mar-a-Lago on Thursday.
Elon Musk found himself pushed aside by the president, reduced to venting his frustrations on his X account, where he mainly directed his anger towards trade advisor Peter Navarro—the president’s tough-talking official known for criticizing tariffs but also attacking Tesla’s production methods.
Navarro retaliated by criticizing Musk’s electric vehicle company, prompting even sharper criticism from the president's wealthy advisor. Musk responded by calling Navarro a 'moron' and stating he was ‘less intelligent than a bag of rocks.’
It served as amusing content, but the White House dismissed it as merely two advisors openly expressing differing opinions.
"Boys will be boys," White House press secretary Karoline Leavitt stated at the White House press briefing.
However, Bessent wasn't part of the group.
As he observed the stock market plummet sharply on Thursday and Friday, Bessent traveled to Mar-a-Lago himself on Saturday to counsel the president about the subsequent actions.
They developed a plan: isolate China while offering concessions to others who were ready to engage. The president stated that they wouldn’t immediately retreat, yet this approach would enable Bessent to assure the market that agreements were imminent.
It was Bessent who returned to Mar-a-Lago on Sunday evening alongside the president. He can be seen in the background when Trump addressed the media aboard Air Force One.
Bessent kept his concentration on China.
To highlight China’s reliance on low-cost production, Bessent referred to the Disney movie "Fantasia," in which Mickey Mouse portrays the Sorcerer's Apprentice, futilely attempting to halt a group of magical brooms from inundating the chamber with water.
For those who recall that Disney film with the brooms carrying buckets of water, China’s business approach mirrors this concept," he explained. "They continuously produce and then flood markets without pause.
Trump, he suggested, was the magician who could shatter the enchantment.
"I believe their business strategy isn’t working anymore. I think President Trump has disrupted their business model using these tariffs," he told Carlson.
By Monday, viewers tracked live as Bessent’s composed yet straightforward communication began shaping market trends.
'By himself, Bessent is preventing the stock market from collapsing,' said Ben Shapiro, host of The Daily Wire. said on X.
Bessent also enjoyed the trust of Wall Street.
The president and CEO of JP Morgan, Jamie Dimon, urged Trump during an interview on Fox Business to halt proceedings and provide Bessent additional room for negotiation.
"If you aim to soothe the markets, demonstrate advancement in these areas and allow Scott some time — trade agreements are quite extensive and intricate," Dimon stated.
In a world where individuals associated with MAGA often engage in conflicts both publicly and privately, Bessent distinguishes himself through his calm and steady manner of speaking, punctuated by brief pauses as he gathers his thoughts. While listening, he frequently places his hand or fingers on his chin or adjusts his glasses with a serious demeanor.
Occasionally, he’ll let out a knowing laugh when discussing the peculiar differences between his former role as an investor and his current endeavor of reshaping the economy in line with Trump’s vision.
Bessent's message garnered substantial backing from MAGA activists, who praised him for effectively communicating the president's platform.
'I must say, I’m not satisfied with how things are shaping up in the market today. However, when we look at equity distribution among families, we see that the wealthiest 10 percent of Americans hold onto 88 percent of all stocks, which essentially means they control 88 percent of the stock market,' he explained. explained to Carlson, adding that 'the subsequent 40 percent holds 12 percent of the stock market.'
Bessent pointed out that the entire lower 50 percent of Americans possessed only debt, including credit card bills, rent payments, and car loans.
"We need to provide them with some assistance," he stated.
'Right there lies the message. As just an observer, I'm thinking, wow, okay,' Carlson concurred.
This approach differed significantly from earlier advisors such as Gary Cohn and ex-treasury secretary Stephen Mnuchin, who managed to dissuade President Trump from imposing substantial tariffs during his initial term by warning they would quit if he proceeded with those plans.
Bessent garnered significant esteem within the administration during the tariff dispute.
Secretary Bessent stands as one of the most revered figures in finance and serves as an indispensable resource for both the President’s Cabinet and trade team," said Harrison Fields, principal deputy press secretary, speaking to Diwida. "His knowledge illuminates every aspect of his work, be it advancing the President's groundbreaking deregulatory initiatives, advocating for American workers during trade talks, or ensuring enduring reductions in taxes.
Sources close to the situation inside the White House informed Diwida that Bessent acted as 'the voice of reason in the discussions' and ‘constantly ensured stability.’
"I have always found him to be the more solemn individual in the gathering," the informant mentioned.
One cannot say the same about certain other advisors of Trump; however, sources concur that each played a role in the discussions.
A source mentioned that Lutnick seemed aggressive and careless, while Peter Navarro presented himself as a strict advocate for tariffs.
A source pointed out that Musk's strong inclination towards free trade has been overlooked and disregarded by the president.
Following Trump’s announcement of the halt, Bessent accompanied press secretary Karoline Leavitt to make a public statement celebrating their win outside the White House.
He clarified that the outcome of the week-long turmoil was precisely what they had strategized during their meeting with the president on Sunday.
He made sure not to claim any credit for himself as well.
"As I have mentioned before, nobody builds their own advantage quite like President Donald Trump," he stated at the conclusion of the press conference.
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