US Treasury Secretary Scott Bessent is reportedly considering leaving the Trump administration following backlash over recently announced tariffs, according to media reports. The development highlights growing friction within US economic leadership as trade policies spark global uncertainty.
Economic Advisor at Odds with Policy
Sources cited by The New Republic indicate Bessent, a former hedge fund manager, has grown increasingly isolated due to disagreements over President Trump's 'reciprocal tariff' strategy. The plan imposes a 10% baseline tariff on nearly all foreign goods—a move Bessent reportedly warned could exacerbate global trade tensions.
Market Turmoil and Credibility Concerns
Bessent's potential exit comes amid significant market volatility. The Dow Jones and Nasdaq plummeted to their lowest levels since 2020 after the tariff announcements, intensifying scrutiny of the administration's economic strategy. MSNBC contributor Stephanie Ruhle noted Bessent may be seeking to 'salvage his credibility,' possibly eyeing a Federal Reserve role.
Experts Warn of Consumer Impact
While Bessent previously framed tariffs as 'price adjustments,' analysts argue they disproportionately affect low-income households reliant on affordable imports. Ruhle emphasized that retaliatory measures from foreign leaders—pressured to counter US policies—could compound economic strain.
As debates over trade strategy intensify, Bessent's rumored departure underscores broader challenges in balancing diplomatic pragmatism with protectionist agendas.
