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US Treasury Secretary Scott Bessent gives a statement during the 56th annual World Economic Forum meeting, at the USA House venue, in Davos, Switzerland, on Monday. – Denis Balibouse\/Reuters<\/p>\n
Scott Bessent was everywhere in Davos.<\/p>\n
At one press conference during the annual World Economic Forum in the Swiss Alps, the Treasury Secretary dismissed Denmark<\/a> as \u201cirrelevant\u201d amid President Donald Trump\u2019s demands that the country sell Greenland. He mocked California Gov. Gavin Newsom, who was also in Davos and had called Bessent smug by saying he\u2019s, \u201cPatrick Bateman meets Sparkle Beach Ken.\u201d<\/p>\n Bessent defended Trump\u2019s desires to acquire Greenland, in an appearance on CNBC<\/a>, claiming it was important to national security that it be controlled by the US. He accused Federal Reserve Chairman Jerome Powell of \u201ctrying to put his thumb on the scale\u201d by attending a Supreme Court argument over Trump\u2019s attempt to fire Fed Governor Lisa Cook, though Bessent himself had attended the high court\u2019s tariff arguments last fall.<\/p>\n And during a panel discussion with Fox News\u2019 Maria Bartiromo, he told European officials \u2014 and perhaps more importantly investors \u2014 not to overreact to Trump\u2019s threats to use tariffs to coerce a sale of Greenland.<\/p>\n \u201cI\u2019d tell everyone to sit back, take a deep breath \u2014 do not retaliate,\u201d Bessent said, repeating the last line for emphasis.<\/p>\n Bessent\u2019s ubiquitous presence at Davos underscored his unique and critical dual roles in the Trump administration: Publicly, he\u2019s a stout defender of the president and his impulsive policy demands. Privately, he\u2019s the translator of his boss to Wall Street, charged with keeping the markets from overreacting to Trump-induced whiplash.<\/p>\n \u201cHe views the markets and their stability as a huge part of his job,\u201d said a source with knowledge of Bessent\u2019s thinking. \u201cHe doesn\u2019t want the administration to do anything that could disrupt the markets and make his job more difficult.\u201d<\/p>\n On Wall Street, Bessent is still seen as a crucial voice to help soothe investor fears \u2014 even if the latest volatility over Trump\u2019s Greenland tariff threats may have left a lasting impression<\/a>.<\/p>\n \u201cWe used to say Trump can\u2019t be stopped. The best you can hope for is to contain him. And that\u2019s Bessent\u2019s job,\u201d said Art Hogan, chief market strategist at B. Riley Financial and a critic of Trump\u2019s policies. \u201cHe still says things that, to me, are cringeworthy supporting the position du jour of the administration. We are lucky to have him, but I still get uneasy about some of the things that come out of his mouth.\u201d<\/p>\n At Davos, Bessent didn\u2019t just defend the administration\u2019s economic policies \u2014 he weaponized them, framing the proposed \u201cGreenland acquisition\u201d not as a real estate whim but as a strategic \u201cnational emergency\u201d avoidance maneuver. By telling European allies to \u201csit back and relax\u201d amidst tariff threats, Bessent effectively moved the Treasury from its role as a stabilizer to a tip-of-the-spear enforcer for the \u201cTrump Model.\u201d<\/p>\n US President Donald Trump attends a bilateral meeting with US Treasury Secretary Scott Bessent and other US department leaders on the sidelines of the World Economic Forum on Wednesday in Davos, Switzerland. – Chip Somodevilla\/Getty Images<\/p>\n Bessent has been the administration\u2019s most important economic official<\/a> in Trump\u2019s second term. The South Carolinian hedge fund manager who previously donated to Democrats has adopted a persona that is part investment strategist and part MAGA firebrand.<\/p>\n He\u2019s likely the first Treasury Secretary to treat a Davos presser more like a segment on Steve Bannon\u2019s \u201cWar Room,\u201d signaling that the administration\u2019s economic success is predicated not on global consensus, but on ignoring \u201cmedia hysteria\u201d and forcing the world to \u201ctake the President at his word\u201d \u2014 even if the president has gone back on his word repeatedly on tariff threats.<\/p>\n The tone and message marks a sharp departure the cautious, market sensitive communications approach deployed by Bessent\u2019s predecessors in the role. But it\u2019s also fitting: Bessent was a contributor to Bannon\u2019s show before entering government service and made sure to join for a half-hour while in Davos.<\/p>\n The Treasury Department did not respond to a request for comment.<\/p>\n \u2018Take a deep breath\u2019<\/p>\n When Trump talks about the economy, Bessent is usually on his mind. In his public remarks over the past two weeks, the president mentioned Bessent\u2019s name 11 times in his hour-long economic speech in Detroit on January 14, seven times in his 90-minute remarks in Davos and again appeared to marvel at Bessent\u2019s firm insistence that he has no desire to leave his role, even for the coveted Fed chair nomination.<\/p>\n Heading into the annual World Economic Forum, Trump sparked instability across NATO countries \u2014 and the financial markets \u2014 by ratcheting up the pressure on Denmark to sell Greenland to the US. When European countries pushed back and deployed military personnel to Greenland, Trump threatened a 10% tariff that would kick in February 1.<\/p>\n The markets dropped on Trump\u2019s tariff threat as he arrived in Davos Tuesday, with the S&P 500 dropping 2%<\/a>.<\/p>\n Among the large US contingent that descended on Davos, Bessent was the point person publicly driving home the US message on Greenland.<\/p>\n Over the course of the week, Bessent conducted three TV interviews and appeared on two podcasts. He held two press conferences and a gaggle in Davos and appeared in a fireside chat on the forum\u2019s the main stage.<\/p>\n FOX Business anchor Larry Kudlow interviews Treasury Secretary Scott Bessent during “Kudlow” with Larry Kudlow at Fox Business Network studios on January 16 in New York City. – John Lamparski\/Getty Images<\/p>\n Bessent generated headlines for taking on Newsom with insults \u2014 after the California governor accused the Treasury secretary of being out of touch when Bessent suggested that \u201cmom and pop\u201d investors \u201cbought five, 10, 12 homes.\u201d<\/p>\n And he rankled diplomats by dissing Denmark<\/a> after the country\u2019s pension fund announced it would unwind investments in US bonds amid the Greenland turmoil.<\/p>\n \u201cDenmark\u2019s investment in US Treasury bonds \u2014 like Denmark itself \u2014 is irrelevant,\u201d Bessent told reporters when asked how concerned he is about institutional investors in Europe potentially pulling out of Treasuries. \u201cIt is less than $100 million. They\u2019ve been selling Treasuries. They have for years.\u201d<\/p>\n Behind the scenes, Bessent held a face-to-face meeting with his Chinese counterpart He Lifeng, and, according to several European diplomats and business executives in Davos, was the most sought after member of the US contingent at the annual economic forum, with European business executives scrambling to secure time with Trump\u2019s chief economic official.<\/p>\n Bessent\u2019s message behind the scenes to the Europeans was to \u201ctake a deep breath\u201d and ignore the hysteria, reminding them how quickly the stock market recovered last April, according to two people who spoke with him.<\/p>\n Scott Bessent, US Secretary of the Treasury, holds a speech at the USA House during the Annual Meeting of the World Economic Forum in Davos, Switzerland on Tuesday, January 20. – Markus Schreiber\/AP<\/p>\n By the end of the day Wednesday \u2014 after Trump called off the European tariffs and said there was a framework<\/a> for a Greenland deal following his meeting with NATO chief Mark Rutte \u2014 the markets had mostly recovered, even if the whole episode left lingering uncertainty on Wall Street<\/a>.<\/p>\n For Bessent, Trump\u2019s Greenland walkback affirmed his earlier message not to overreact to tariff threats. The Treasury Secretary often points to the dire economic warnings from Trump\u2019s \u201cliberation day\u201d tariffs<\/a> last April.<\/p>\n The worst predictions largely have not materialized: There has been no massive spike in inflation and the potential for catastrophic supply chain disruptions has diminished as countries and businesses have navigated and come to terms with a reshaped global trading system. Trump\u2019s most draconian threats were often pulled back, and in many cases served as catalysts for bilateral agreements with close allies. Perhaps most critically \u2014 and largely due to Bessent\u2019s role \u2014 the all-out economic war between the US and China has been managed to a fragile truce after several flare ups.<\/p>\n Of course, Trump\u2019s own willingness to walk back his most seismic tariff actions is a significant reason why some of the dire economic forecasts weren\u2019t realized. The US-China d\u00e9tente remains unstable, and executives continue to warn that price spikes on products will filter through to consumers in the months ahead.<\/p>\n \u201cThe business community is confused and disappointed with Bessent\u2019s public statements but still has high confidence in his private messaging and persuasive influence with Trump,\u201d said Jeffrey Sonnenfeld, founder of the Yale Chief Executive Leadership Institute.<\/p>\n Multiple White House officials said Bessent\u2019s growing profile was indicative of how much Trump relied on and valued him.<\/p>\n \u201dSecretary Bessent has done a phenomenal job on behalf of President Trump, there\u2019s nobody better, smarter or more qualified to serve in this role,\u201d press secretary Karoline Leavitt said in a statement.<\/p>\n US President Donald Trump, alongside Secretary of Treasury Scott Bessent, takes a tour with Ford executives through Ford Motor Company’s River Rouge complex in Dearborn, Michigan on January 13. – Mandel Ngan\/AFP\/Getty Images<\/p>\n Fight club<\/p>\n Bessent has had more than a few tussles with other administration officials and Trump loyalists since taking office. In April, Bessent got into a shouting match<\/a> with now-former White House adviser Elon Musk over who would lead the IRS, CNN reported last year.<\/p>\n In September, Bessent almost came to blows<\/a> with the director of the Federal Housing Finance Agency, Bill Pulte, during an intimate dinner at the Executive Club, an exclusive MAGA-aligned group started by some of Trump\u2019s closest advisers.<\/p>\n One source close to the White House described Bessent as \u201ca bit of a hot head.\u201d<\/p>\n Bessent and Secretary of Commerce Howard Lutnick have also had friction, sources told CNN. Part of the tension dates back to before Trump took office, when Lutnick, who was running Trump\u2019s transition, made a play to be Treasury secretary, while Bessent was the lead contender. This week, while speaking to CEOs in Davos, Trump seemed to acknowledge their at times strained relationship.<\/p>\n \u201cI would say these are two exact opposites, and I like that,\u201d Trump said. \u201cI like that they are the exact opposite.\u201d<\/p>\n Running the Fed search<\/p>\n Trump has made clear his feelings about Bessent\u2019s place in the administration \u2014 even as the Treasury Secretary prepares to tackle what might be his most delicate and risk-laden balancing act yet: Leading the selection process for a new Fed chair<\/a>.<\/p>\n Bessent has led a meticulous search that\u2019s now down to four finalists<\/a> \u2014 while keeping himself out of the running \u2014 as Trump has continued to attack Powell.<\/p>\n The Treasury secretary has maintained a position as a neutral facilitator rather than a kingmaker. He\u2019s deliberately avoided ranking his finalists or providing an explicit preference, instead presenting the president with a \u201cslate\u201d of distinct archetypes ranging from institutionalists to market practitioners.<\/p>\n Central to this approach was a lesson learned from the first Trump administration. Bessent observed how his predecessor, Steven Mnuchin, was often blamed by the president for the subsequent policy decisions that Powell made.<\/p>\n \u201cBecause he had proposed Powell for the Fed job, Mnuchin had to absorb abuse from the president at the start of virtually every meeting for his recommendation from that point on,\u201d one official said.<\/p>\n Trump has signaled he has expectations for his selection \u2014 repeatedly demanding Powell lower interest rates to help juice the economy. Bessent will be challenged to manage reaction from Wall Street but also from the president \u2014 who is likely to blame Bessent for future Fed actions he dislikes.<\/p>\n The Fed chair search was complicated even further earlier this month after the Justice Department issued subpoenas to Powell and opened an investigation<\/a> over the renovation of the Fed\u2019s headquarters.<\/p>\n Bessent told people that he was unhappy with the DOJ probe, a source with knowledge of the matter told CNN, and he reportedly expressed concern to the president that the investigation had \u201cmade a mess\u201d of the transition by causing Powell to \u201cdig in.\u201d<\/p>\n Appearing this week on \u201cWar Room,\u201d the podcast hosted by Bannon, a Trump ally who briefly served in his first White House, Bessent reflected on what amounted to a lengthy year inside the Trump administration.<\/p>\n \u201cTrump years are like dog years, I feel like I\u2019ve aged seven years, but it\u2019s been worth it,\u201d Bessent said. \u201cIt\u2019s been worth it.\u201d<\/p>\n Bessent looks on as Trump delivers remarks during a roundtable discussion in the White House on December 8, 2025 in Washington, DC. – Alex Wong\/Getty Images<\/p>\n CNN\u2019s Adam Cancryn contributed to this report.<\/p>\n![\"US](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/01\/14e43497b5c21dc8807269c6c594fc54.jpeg\"\/)
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