US Treasury secretary considers resignation following backlash over tariffs - Media
05/04/2025
Bessent is reportedly considering leaving President Donald Trump's administration following the announcement of "reciprocal tariffs" that sparked concerns about its impact on the economy. - File photo/REUTERS
WASHINGTON: US Treasury Secretary Scott Bessent is reportedly considering leaving President Donald Trump's administration following an announcement on "reciprocal tariffs" that sparked concerns about its impact on the economy, Xinhua reported citing The New Republic on Saturday.
On MSNBC's Morning Joe show, contributor Stephanie Ruhle revealed that Bessent, a former hedge fund manager, is now increasingly marginalized in the Trump administration and may be looking for ways to save his credibility, including intending to join the Federal Reserve (Fed).
According to the report, Bessent's frustration stemmed from Trump's tariff policy that included a 10 percent base tariff on almost all imported goods — a move that Bessent said risked exacerbating global trade tensions. He also appealed to other countries not to retaliate, fearing that it would affect the market even more. However, his advice does not seem to be in line with the reality faced by foreign leaders who are also under pressure to respond to Trump's aggressive policies.
Ruhle said Bessent, who understands market dynamics, is most likely aware of the damage that is being done by Trump's policies, especially after the US stock market crashed. The Dow Jones and Nasdaq indexes posted their worst daily performance since 2020 following the tariff announcement.
Previously, Bessent had downplayed the negative impact of tariffs by describing them as only a price adjustment and not a factor in inflation. Still, many experts including Ruhle think the tariffs are actually burdening Americans, especially low-income earners who rely on affordable imported goods for daily needs.
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