'Can’t stomach Trump’s absurd tariff math': US treasury secretary 'looking for exit door' after tariffs ruin his credibility
World: Ruhle suggested that Scott Bessent, who built his $521 million fortune managing massive hedge funds, can’t stomach Trump’s “absurd tariff math".
US Treasury Secretary Scott Bessent is looking to leave the Trump administration following the US president's massive tariff rollout, which damaged his "credibility", claimed US media MSNBC host Stephanie Ruhle.
During her presence on MSNBC's Morning Joe, Ruhle said Bessent is looking for an exit door to try to get himself to the Fed.
“Some [sources] have said to me, he’s looking for an exit door to try to get himself to the Fed because, in the last few days, he’s really hurting his own credibility and history in the markets,” she said.
Trump slapped a universal 10% tariff on all US imports as well as reciprocal tariffs on 180 countries.
'Absurd tariff math'
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Ruhle suggested that Bessent, who built his $521 million fortune managing massive hedge funds, can’t stomach Trump’s “absurd tariff math".
Some of the critics have also slammed Trump's tariffs as a "kindergarten-level understanding” of international trade."
Trump is "not listening" to his treasury secretary, "the odd man out" in the president's inner circle, according to Ruhle's sources.
“[Bessent] actually understands how the markets work and, what’s happening right now, is only going to hurt markets," she said.
Meanwhile, Bessent called the use of sweeping tariffs “maximalist” positions in October 2024 when he was an economic adviser in Trump’s campaign.
“It’s escalate to de-escalate,” Bessent told the Financial Times at the time. He further warned countries not to retaliate.
Also read: Netanyahu to meet Trump in Washington this week, first foreign leader to discuss tariffs in person
“Sit back, take it in, let’s see how it goes. Because if you retaliate, there will be escalation. If you don’t retaliate, this is the high-water mark,” he said on Wednesday.
Trump after announcing tariffs told the crowd that “April 2, 2025, will forever be remembered as the day American industry was reborn,” insisting that for decades, the US had been “looted, pillaged, raped, and plundered” by foreign nations.
(With inputs from agencies)
