Trump's Trade Turnaround: Bessent's Rising Influence

Amidst a stock market crash due to tariff plans, U.S. Treasury Secretary Scott Bessent plays a crucial role in advising President Trump to pause the tariffs. His influence is seen as pivotal despite some inconsistencies with Trump's policies and opposition among White House advisers like Peter Navarro.

Minutes after President Donald Trump announced a 90-day pause on a slew of tariffs that had sparked turmoil in the stock market and generated global unrest, U.S. Treasury Secretary Scott Bessent emerged from the White House with explanations for the sudden policy shift.

Bessent stated that Trump's move was strategically aimed at securing greater negotiating power. This marked a significant moment in Bessent's role as a key communicator of Trump's trade policies to financial markets, despite occasional discrepancies with the president and economic leaders.

Insiders noted Bessent's influence amidst a team featuring tariff-hardliner Peter Navarro, as he advocated for lower levies. While stock markets rebounded following the tariff pause, debate over Bessent's approach and Trump's long-term strategy persists.

(With inputs from agencies.)