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The Latest Breaking News from Scott Bessent

S&P Futures Tick Higher With Focus on U.S. PMI Data and Trump’s Tax Bill

June S&P 500 E-Mini futures (ESM25) are trending up +0.10% this morning, stabilizing after yesterday’s drop, while investors await U.S. business activity data and a potential pre-dawn vote in the U.S. House of Representatives on President Donald Trump’s sweeping tax and spending bill.

Barchart

Trump says he’s ‘seriously considering’ taking Fannie Mae and Freddie Mac public

President says he will speak with advisers about taking public firms that support about 70% of US mortgages

The Guardian - US

Bessent shouted profanities at a goading Elon Musk in West Wing after Trump told warring pair to ‘have at it’

Bessent repeatedly shouted the profane insult at the Tesla billionaire, who responded by yelling, ‘Say it louder,’ as they brawled within earshot of President Trump.

The Independent UK

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G7 Finance Chiefs Begin Talks Under Strain Of Trump Tariffs

G7 finance leaders exchanged pleasantries before tough discussions Wednesday, seeking to restore stability in the face of economic turbulence from US President Donald Trump's punishing tariffs -- and to strengthen support for Ukraine.

International Business Times

US sanctions two members of a Mexican drug trafficking group known as the Northeast Cartel

The United States has imposed sanctions on two members of the Mexican drug trafficking organization Cartel del Noreste, the Northeast Cartel, which was formerly known as Los Zetas

The Independent UK

Donald Trump Tells Walmart and Mattel to 'Eat the Tariffs' Amid Price Hike Warnings

President Trump is clashing with major companies like Walmart and Mattel, accusing them of falsely blaming tariffs for price increases and demanding they absorb the costs.

International Business Times UK

Trump's tariffs will test unity among allies at G7 finance ministers' summit

Leading financial officials from the world’s richest countries are gathering in a Canadian mountain resort this week for what may prove a contentious meeting in the wake of President Donald Trump’s sweeping tariffs

The Independent UK

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G7 Finance Leaders Gather With Ukraine, Tariff Concerns At Fore

Top finance leaders from the G7 nations gather in Canada starting Tuesday, with concerns including war in Ukraine at the fore while the advanced economies grapple with fallout from US President Donald Trump's sweeping tariffs.

International Business Times

Chinese producers will absorb ‘the cost’: Donald Trump contradicts himself on tariffs, as White House press secretary rewrites history

With a well-aimed question, a CBS News correspondent sent the Trump camp into a full-blown economic faceplant.

We Got This Covered

Walmart Stock Holds as Tariff Risk Spurs Support

A new tariff world may have spooked Walmart shareholders, though the situation may not be as bad as it seems moving forward in the name.

MarketBeat

Stocks Set to Open Sharply Lower After U.S. Credit Rating Downgrade, Retail Earnings and Economic Data Awaited

June S&P 500 E-Mini futures (ESM25) are down -1.22%, and June Nasdaq 100 E-Mini futures (NQM25) are down -1.59% this morning as sentiment took a hit after rating agency Moody’s downgraded the United States’ credit rating.

Barchart

Stock markets and US dollar drop, and bond yields rise, after US credit rating downgrade; EC cuts eurozone growth forecast – as it happened

Long-term US borrowing costs hit 18-month high over 5%, as bond market flashes ‘warning signals’

The Guardian - UK

Trump news at a glance: president faces intensifying criticism over Qatar plane gift

Top Democrat condemns ‘flying grift’ as senior Republicans join chorus of disapproval – key US politics stories from Sunday 18 May at a glance

The Guardian - US

‘The French gave us the Statue of Liberty’: Trump officials sputter to defend $400m Qatar jet gift

White House officials play ignorant to bribery optics as even Republican members of Congress back away

The Independent UK

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Latin Times

Treasury Secretary Acknowledges Cost of Tariffs: 'Some May Get Passed on to Consumers'

Treasury Secretary Scott Bessent admitted that some of the cost of Trump's tariffs "may get passed on to consumers."

Fortune

Scott Bessent says tariff uncertainty is a tactic — otherwise countries 'would play us in the negotiations'

"If we were to give too much certainty to the other countries, then they would play us in the negotiations," Bessent told CNN.

The Guardian - US

US treasury secretary says Walmart will ‘eat some of the tariffs’ after Trump demand

Scott Bessent claims he received assurance in a personal call with company’s chief executive

The Independent UK

Treasury secretary says Walmart's warnings on price increases are a 'worst-case scenario'

Treasury Secretary Scott Bessent is playing down inflation risks from the Trump administration’s tariffs

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The Guardian - US

Gone in 40 days: how Trump’s ‘liberation day’ tariff assault unraveled

The impact of those six chaotic weeks, from higher prices to slowing growth, is still unfolding, and the story continues

Fortune

Consumer sentiment plummets to near-record lows—but stock markets remain unfazed

Sentiment readings dipped from 52.2 in April to 50.8 in May, according to new data from the University of Michigan.

Fortune

Trump says it's not possible to meet with all countries, and 'very fair' tariffs are coming in weeks

"We have, at the same time, 150 countries that want to make a deal, but you’re not able to see that many countries," Trump said.

The Guardian - UK

Trump says US will unilaterally set new tariff rates for scores of countries

President says letters revealing rates will be sent out within weeks as Washington lacks capacity for individual deals

International Business Times

House Dems Demand Reports On Trump Crypto Projects' 'Suspicious Activity'

Top House Democratic lawmakers on Wednesday demanded that Treasury Secretary Scott Bessent provide reports on alleged "suspicious activity" around World Liberty Financial and the $TRUMP and $MELANIA meme coins.

Al Jazeera

Did the US flinch first in tariff war with China?

A high-stakes game of chicken has come to an end for 90 days, as both China and the US claim the upper hand.

Reason

No Divorce From China

Plus: Homeless encampments in California, taxing university endowments, and more...

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