U.S. Treasury Secretary Scott Bessent is reportedly considering stepping down from his position amid growing concerns over President Donald Trump’s recent tariff policies. According to reports by The New Republic on Saturday, Bessent’s departure could be imminent following the administration’s announcement of “reciprocal tariffs” that have sparked fears of escalating trade tensions.
On MSNBC’s “Morning Joe,” contributor Stephanie Ruhle discussed Bessent’s possible exit, highlighting his increasing isolation within the administration. Once a successful hedge fund manager, Bessent is said to be seeking a way out to preserve his credibility and may be eyeing a future role at the Federal Reserve.
Sources indicate that Bessent has expressed frustration with the president’s tariff strategy, which includes a 10 percent baseline tariff on nearly all foreign goods. Bessent has warned that such measures could lead to global trade conflicts and harm the U.S. economy.
He has reportedly urged other nations not to retaliate, emphasizing the potential for additional market damage. However, his appeals appear disconnected from the realities faced by foreign leaders who are under domestic pressure to respond to the U.S.’s aggressive trade moves.
Ruhle noted that Bessent, well-versed in market dynamics, likely recognizes the detrimental effects of the tariff policies, especially in light of the recent market downturn. Following the tariff announcements, both the Dow Jones Industrial Average and the Nasdaq Composite Index experienced their worst days since 2020.
Previously, Bessent had downplayed the negative impact of tariffs, suggesting they were mere price adjustments rather than drivers of inflation. Critics, however, argue that tariffs disproportionately hurt vulnerable Americans who depend on affordable imported goods for their daily needs.
As tensions rise within the administration, the potential resignation of a key economic advisor like Bessent could signal deeper divisions over trade policy and its implications for the U.S. economy.
