Bessent Guides Trump on Tariff Decisions Amid Market Turmoil

Treasury Secretary Scott Bessent played a pivotal role in President Trump's recent decision to pause tariffs that had triggered significant market turmoil. Following this unexpected announcement, Bessent emphasized that the pause was part of Trump's strategic approach to maximize negotiating leverage and that it would benefit over 75 countries willing to negotiate. Despite publicly defending the original tariff policy, Bessent was instrumental in advising Trump to reconsider the aggressive stance, which had led to fears of a recession and significant market declines. Trump's decision was described as courageous and necessary, particularly as it came amid mounting pressure from Wall Street and concerns about the bond market. Republican lawmakers responded positively to the pause, viewing it as a tactical victory and reflecting Trump's adaptability in response to changing circumstances. The announcement resulted in a major market rebound, with the S&P 500 experiencing its largest daily gain since 2008.