'Backhanded compliment' from Bessent: Trump likened to conservatives' arch-nemesis

US Treasury Secretary Scott Bessent made an unexpected remark during the Allen & Co. conference in Sun Valley, often referred to as the "summer camp for billionaires."

When asked to compare his former boss, George Soros, and current leader Donald Trump, Bessent, who twice worked at Soros Fund Management and rose to the position of Chief Investment Officer, noted a surprising similarity: both men are impatient, especially when it comes to high-stakes deals.

In a room full of wealthy attendees, Bessent admitted that he often advises President Trump to be more patient when making major trade decisions. At the same time, he acknowledged Trump's unique ability to swiftly identify problems and propose solutions, although, in Bessent's view, Trump sometimes acts before the timing is optimal.

Trump's trade policy

Bessent is deeply involved in negotiations with China, Japan, and other Asian countries. In May, he joined US Trade Representative Jamison Greer in meetings with Chinese officials in Geneva, followed by talks in London in June. These efforts resulted in a kind of tariff truce, though a comprehensive deal remains elusive.

Meanwhile, Trump has independently announced new tariffs targeting several trade partners. For instance, he imposed a 50% tariff on imports from Brazil, a move that surprised many, given that the US currently enjoys a trade surplus with the country.

Earlier this year, in April, Trump introduced a broad package of tariffs affecting numerous countries. However, he later paused their implementation for 90 days to allow time for trade talks. He has since warned that if no progress is made by July 9, the tariffs will be reinstated.