Scott Bessent stood out at the Davos Forum, where his image and influence drew the attention of a global audience and financial markets.
During one of the press conferences at the annual World Economic Forum in the Swiss Alps, the U.S. Treasury Secretary called Denmark “insignificant” in light of President Donald Trump’s demand to sell Greenland. He also mocked California Governor Gavin Newsom, who was in Davos, calling Bessent “Patrick Bateman meets Ken Sparkle-Beach”.
Bessent supported Trump’s push to acquire Greenland during his appearance on CNBC, stating that control of Greenland is important for national security. He also accused Federal Reserve Chair Jerome Powell of “trying to put a finger on the scale” by participating in the Supreme Court hearing on attempts to dismiss Fed Governor Lisa Cook, although Bessent himself attended tariff-related hearings at the Supreme Court last autumn.
During a panel discussion with a Fox News host, he addressed European officials – and perhaps even more importantly, investors – with the view: there is no need to overreact to threats to use tariffs to force Greenland’s sale.
“I would tell everyone: sit down, take a deep breath – don’t respond”
– Scott Bessent
In Davos: Scott Bessent’s dual role
Bessent demonstrated two key roles: on the one hand, publicly defending the administration and its political impulses, and on the other – as a bridge between Washington and Wall Street, trying to ease pressure on world markets as Trump makes decisions.
“He sees markets and their stability as a huge part of his job,” says a source familiar with his thinking. “He doesn’t want the administration to do anything that could disrupt markets and complicate his task.”
Yet on Wall Street, Bessent was previously viewed as the decisive voice in calming investors, even if the latest controversy around the Greenland tariff left a lasting impression.
“We used to say, Trump can’t be stopped. The best we can hope for is to contain him. And that is Bessent’s job”
– Art Hogan
The tone of the forum reflected a shift in the Treasury’s approach: from stabilizing to actively shaping a “Trump model” on the world stage, where economic decisions are seen as responses to external challenges.
Bessent remained a neutral figure in selecting candidates for the Fed chair, emphasizing that his job is to maintain a balance between policy and markets, not to push a specific candidate.
European diplomats and business leaders called him one of the most important figures at the forum, as it was he who conveyed the American position and tried to reduce uncertainty about future tariffs and global market fluctuations.
“Enough talk about policy; what matters are actions that lessen the depth of market panic”
– Jeffrey Sonnenfeld
Although the business community did not always agree with Bessent’s public statements, private messages indicated a strong sense of trust and influence on the administration’s decisions regarding markets and the economy.
According to officials, during the forum his image and influence grew, underscoring the significance of his role in shaping American economic policy in the face of global challenges.
“Secretary Bessent did a phenomenal job on behalf of President Trump; there is no one better, smarter, or more qualified for this role”
– Caroline Livit