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The Latest Breaking News from Scott Bessent

Trump Advisors Struggle To Defend, or Even Explain, His Tariff Strategy

Members of the administration spent the weekend presenting contradictory defenses of Trump's economic policies.

Reason

Here’s one key thing you should know about Trump’s shock to the world economy: it could work

It’s hard to say if the president truly knows what he’s doing. But there is a precedent for the US causing short-term chaos and reaping long-term gain, says economist James Meadway

The Guardian - UK

Market Panic Deepens As China Retaliates Against Trump Tariffs

Hong Kong's Hang Seng plunged more than 13 percent, its biggest drop since the 1997 Asian financial crisis, while in Japan the Nikkei 225 index fell an eye-watering 7.8 percent.

Latin Times

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read the most diverse news in one place.

Trump’s tariffs are ‘teeing up a nationwide recession’, says Chuck Schumer – as it happened

House democratic leaders also condemn tariffs as group backed by Trump allies mount legal challenge to stop tariffs

The Guardian - US

European markets slump as Trump says ‘you have to take medicine’

US president tells reporters foreign governments will have to pay ‘a lot of money’ to lift levies

The Guardian - UK

Donald Trump says he is not 'backing down' on tariffs as stock markets tumble

US PRESIDENT Donald Trump said he will not back down on his sweeping tariffs on imports from most of the world unless countries even out their…

The National (Scotland)

Monday briefing: Asian markets slump after Trump insists that tariff policy will not change

In today’s newsletter: Why the global sell-off continued in earnest this morning – and why it matters

The Guardian - UK

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Market Panic Mounts As World Scrambles To Temper Trump Tariffs

"Sometimes you have to take medicine to fix something," Trump said of the market pain that has seen trillions of dollars wiped off the value of US companies since the beginning of his tariff rampage.

International Business Times

Market Panic Deepens As World Scrambles To Temper Trump Tariffs

Asian markets took a huge plunge Monday as US futures pointed to significant losses on Wall Street over Donald Trump's punishing tariffs, even as countries sought compromise with the defiant president.

International Business Times

Dow futures sink 1,300 points after Trump defends tariffs as 'medicine' to fix trade deficit

"I don’t want anything to go down, but sometimes you have to take medicine to fix something," Trump told reporters.

Fortune

Over 50 countries seek US trade talks after tariffs: Trump officials

The tariffs have been widely criticised around the world for threatening to push the global economy into a recession.

Al Jazeera

Tariff backlash comes for Trump admin

On the Sunday shows, hosts took Trump advisers to task over the president's tariff plans

Salon

Senior Trump officials give conflicting lines on tariffs after markets turmoil

Commerce secretary insists on CBS that tariffs will ‘stay in place’ as treasury secretary tells NBC negotiation is possible

The Guardian - US

World Scrambles To Temper Trump Tariffs As Market Fears Mount

More than 50 countries have sought talks with President Donald Trump in a scramble to ease punishing tariffs on exports to the United States, the White House said Sunday, as trade partners braced for further fallout.

International Business Times

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Fortune

Treasury Secretary Scott Bessent downplays stock market crash as short-term reaction and says 'everything is working very smoothly'

Bessent said "what I've been very impressed with is the market infrastructure, that we had record volume on Friday."

The Independent UK

Trump officials struggle to explain tariff strategy but claim Americans won’t feel ‘big effect’

Agriculture secretary dodges questions about Heard and McDonald Islands but tells Americans not to fear tariff effects

Fortune

What is Trump really trying to achieve with his tariff plan, and will it work?

What is President Trump really trying to do with his tariff plan: Is it to protect American jobs, is it about leveling the playing field, or is it about taking the head out of the economy?

The Independent UK

Why did Russia escape Trump’s tariffs?

The U.S. already imposes heavy sanctions on Russia but still did approximately $3.5 billion in trade last year

Get all your
news in one place.

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The Independent UK

‘Don’t retaliate!’ Trump’s treasury secretary begs other countries not to hit back at tariffs

Scott Bessent insisted that the initial market reaction to the tariffs would be a temporary rut on the way to ‘long-term growth’

Fortune

Treasury Secretary Bessent blames Trump tariff sell-off in markets on deflating AI bubble—‘that’s a Mag 7 problem, not a MAGA problem’

Bessent appears to be more interested in bringing down borrowing costs to stave off a potential sovereign debt doom loop than in the $1.5 trillion drop in equities.

The Guardian - UK

UK takes first step towards possible retaliation against US tariffs

Jonathan Reynolds tells MPs he is keeping ‘all options on the table’ after Trump’s announcement of import taxes on British goods

The Guardian - AU

Trump’s tariffs could deliver a $27bn blow to Australia – and the cost of a global trade war would be far higher

How other countries retaliate matters hugely for how Australia’s economy weathers the storm of ‘liberation day’, experts say

Roll Call

Senate Republicans get ready to roll on revised budget - Roll Call

The compromise budget blueprint is designed to pave the way for a major package of tax cuts, border security and defense funding and more.

The Independent UK

The one official Trump world is ready to blame if tariffs are a disaster

Lutnick has reportedly pushed for ‘more aggressive’ tariffs during talks

Reason

Cheap Stuff Is a Huge Part of the American Dream

Plus: Polyamorous cannabis regulators (and a corruption scandal), deportation misses, and more...

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