BESSENT EMERGES AS TRUMP’S KEY TRADE NEGOTIATOR

Vaults to front lines of president’s list of advisers in tariff wars.

- By Daniel Flatley

Treasury Secretary Scott Bessent wasn’t directly involved in setting the steepest American tariff rates since before World War II. But he's now in charge of negotiations to avoid them getting implemented.

The former hedge fund manager has vaulted to the front of the line in President Donald Trump's list of advisers in recent days, in a context where a historic selloff on Wall Street put pressure on the administration to ease off of its maximalist position on import duties.

Jamie Dimon, arguably the biggest luminary in US finance, specifically called on Wednesday for Mr Bessent to take the lead. “Let Scott take the time” with trading partners to craft deals, Mr Dimon said in a Fox Business appearance that Mr Trump said he watched.

Shortly after, Mr Bessent canceled a midday appearance with Republicans on Capitol Hill to discuss the GOP’s tax-cut bill.

Later in the day, he emerged at the White House to speak to reporters as the administration’s initial face, detailing Mr Trump's decision on a 90-day pause for most of the “reciprocal” levies to allow for talks.

Before he was picked as Treasury chief, Mr Bessent had described Mr Trump's approach as “escalate to de-escalate?’ a mantra that he dropped after officially joining the team. But that is now arguably what’s unfolding.

Mr Trump tapped Mr Bessent, along with US Trade Representative Jamieson Greer, to take the lead on talks with Japan, which is being prioritised as a key ally and a nation that came forward quickly.