“President Trump's first-term tariffs did not raise the prices of the affected goods, despite predictions back then that the tariffs would prove inflationary. Indeed, not only was there no discernible rise in inflation during the last round of tariffs, but the Fed's preferred measure of inflation actually declined.”

American businessman and government official

Scott Bessent is an American businessman and government official. Born in 1962, he has served as the 79th United States secretary of the treasury since 2025. He was a partner at Soros Fund Management and later founded Key Square Group, a global macro trading firm. He is also the first openly gay person to lead the U.S. Treasury, and the highest-ranking LGBTQ government official in American history.