101 - The Secretary of the Treasury Podcast Por Quiet. Please arte de portada

101 - The Secretary of the Treasury

101 - The Secretary of the Treasury

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 This is your What does the US Secretary of the Treasury do, a 101 podcast.

"Secretary of the Treasury: Living Biography" is an insightful biographical podcast offering a deep dive into the lives and legacies of every Secretary of the Treasury. Updated regularly, each episode explores the key decisions, challenges, and impacts made by these influential figures in economic history. Perfect for history enthusiasts, economics students, and anyone curious about the evolution of U.S. financial policy, this podcast brings the past to life with in-depth research and engaging storytelling. Discover the fascinating stories behind America's economic architects today.

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Episodios
  • Walmart Warns of Potential Price Hikes Despite Trump's Tariff Pushback

    Walmart Warns of Potential Price Hikes Despite Trump's Tariff Pushback
    May 22 2025
    Treasury Secretary Scott Bessent recently acknowledged that Walmart may pass along some costs from President Trump's tariffs to consumers, despite Trump's warnings against price increases. In a conversation with Walmart CEO Doug McMillon on May 18, 2025, Bessent indicated that while Walmart would absorb some tariff costs, others might reach shoppers. He emphasized that declining gasoline prices, currently averaging around $3.18 per gallon, would help offset potential price increases for consumers.

    This admission comes just one day after President Trump publicly told Walmart to "eat the cost" of his tariffs rather than raising prices. The Treasury Secretary attempted to downplay inflation concerns, suggesting that overall inflation would remain "in line" despite potential price increases at America's largest retailer.

    Bessent has been actively promoting the administration's economic agenda. On May 19, he released a statement praising House Republicans for making "strong progress toward enacting President Trump's economic agenda" following a successful vote on reconciliation legislation by the House Ways & Means Committee. He highlighted efforts to make the 2017 Trump tax cuts permanent while implementing new measures to benefit "hardworking Americans."

    Earlier this month, Bessent testified before the House Financial Services Committee, where he outlined the administration's approach to international economic leadership. During his May 7 appearance, he emphasized that "America First does not mean America Alone" and stressed the importance of expanding U.S. leadership in institutions like the IMF and World Bank.

    Bessent described the core components of Trump's economic vision as "trade, tax cuts, and deregulation," calling them "interlocking parts of an engine designed to drive economic growth and domestic manufacturing." He pointed to the addition of 464,000 new jobs in the administration's first 100 days as evidence of early success.

    The Treasury Secretary has also been vocal about fiscal policy, warning about excessive government spending and describing the U.S. economy as healthy but "brittle underneath" due to government intervention. He has assembled a team at Treasury focused on spending reduction, with Deputy Treasury Secretary Michael Faulkender noting that "the government's gotten larger" with "hundreds of billions of dollars per year in excess of what's explained by inflation and population growth."

    On trade issues, particularly regarding China, Bessent has positioned himself as a moderating influence within the administration while maintaining support for Trump's tariff policies. He recently stated that both the U.S. and China prefer to de-escalate their ongoing trade tensions, placing responsibility on China to take steps toward resolution.
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    3 m
  • Breakthrough in U.S.-China Trade Talks: Treasury Secretary Announces 90-Day Tariff Pause

    Breakthrough in U.S.-China Trade Talks: Treasury Secretary Announces 90-Day Tariff Pause
    May 15 2025
    Scott Bessent, the U.S. Secretary of the Treasury, announced a significant diplomatic breakthrough this week as the United States and China agreed to a 90-day pause on tariffs. The announcement came following productive trade talks in Geneva, Switzerland, where Bessent met with Chinese officials including the vice premier and two vice ministers.

    The Treasury Secretary declared on May 12 that "substantial progress" had been made between the two economic powerhouses. Speaking alongside U.S. Trade Representative Ambassador Jamieson Greer, Bessent credited the Swiss government for providing an excellent venue that contributed to the productivity of the negotiations.

    This development represents a potential turning point in U.S.-China relations after months of escalating tensions. The pause comes as welcome news to markets that have been unsettled by recent trade hostilities. Ambassador Greer emphasized the significance of how quickly an agreement was reached, suggesting that "the differences were not so large as maybe thought."

    The Geneva talks were the culmination of preparations that began earlier this month. On May 8, Bessent traveled to Switzerland where he met with Swiss President Karin Keller-Sutter and representatives from China. The Treasury Department had previously announced this trip, highlighting that "economic security is national security" and expressing Bessent's commitment to rebalancing the international economic system to better serve U.S. interests.

    Prior to this breakthrough, Bessent had been implementing President Trump's economic agenda focused on three core components: trade, tax cuts, and deregulation. In April, he characterized these policies as "interlocking parts of an engine designed to drive economic growth and domestic manufacturing."

    Speaking at the Saudi-U.S. Investment Forum on May 13, Bessent continued to emphasize the administration's priorities, including strengthening international relationships. He noted that one of his first actions after taking office was to contact financial leaders in Tokyo and Saudi Arabia, underscoring the importance of these partnerships to the U.S. government.

    The Treasury Secretary has consistently advocated for what he calls "Main Street's turn" in the economy. In recent appearances, he has stated that while Wall Street has grown wealthier over the past four decades, the Trump administration is now focused on enabling Main Street businesses to "hire workers, drive investment, and restore the American Dream."

    As the 90-day tariff pause begins, analysts and market watchers are hopeful that this temporary truce will lead to further negotiations and a more stable trade relationship between the world's two largest economies.
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    3 m
  • Headline: Treasury Secretary Bessent Navigates U.S.-China Trade Truce and Swiss Economic Diplomacy

    Headline: Treasury Secretary Bessent Navigates U.S.-China Trade Truce and Swiss Economic Diplomacy
    May 13 2025
    Treasury Secretary Scott Bessent has been actively engaged in international economic diplomacy over the past week, with significant developments in U.S.-China trade relations and meetings with Swiss leadership.

    On May 12, 2025, Bessent announced a major breakthrough in U.S.-China economic relations following weekend negotiations in Switzerland. The two economic powers agreed to a 90-day pause on most tariffs, providing temporary relief to markets that had been experiencing volatility since March. This represents a notable shift from the aggressive tariff policies that had earlier threatened to push the economy into recession. In his first interview since the meeting, Bessent indicated that additional discussions between the countries are planned.

    The Treasury Secretary traveled to Switzerland on May 8, where he met with President Karin Keller-Sutter and Vice President Guy Parmelin. Following this meeting on May 10, Bessent and U.S. Trade Representative Jamieson Greer agreed with Swiss counterparts to accelerate negotiations on reciprocal trade. This visit was a follow-up to earlier discussions during the World Bank Group and International Monetary Fund Spring Meetings.

    Speaking at the Saudi-U.S. Investment Forum on May 13, Bessent articulated President Trump's economic vision, stating that the administration wants to "rebalance the American economy back to a manufacturing economy with high precision manufacturing." He emphasized the administration's focus on bringing strategic industries like medicine and semiconductors back to the United States while avoiding a "generalized decoupling" with China.

    Bessent has been positioning himself as a moderate influence on Trump's trade policies while advocating strongly for reduced government spending. He has repeatedly used the term "detox" when discussing the need to reduce government expenditures, assembled a dedicated team at Treasury to push for spending cuts, and warned about "hundreds of billions of dollars per year in excess" spending.

    Since taking office, Bessent has emphasized that the Trump administration's economic agenda is centered on Main Street rather than Wall Street. In April, he stated, "It's Main Street's turn to hire workers. It's Main Street's turn to drive investment, and it's Main Street's turn to restore the American Dream." This messaging aligns with the administration's broader economic strategy of tax cuts, deregulation, and trade rebalancing.

    Bessent has also called for reform of international financial institutions like the IMF and World Bank, criticizing their "sprawling and unfocused agendas" and pledging to leverage U.S. leadership to refocus these organizations on their core mandates.
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    3 m
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