US Treasury Secretary Scott Bessent says, “everything that President Trump’s administration is doing will be disinflationary,” as he discusses attacks on Elon Musk’s Department of Government Efficiency, tariff policies on Europe and China, the US approach to ending the war in Ukraine, and his views on Elon Musk. He speaks in a wide-ranging interview on “Bloomberg Surveillance.”
00:00 – Bessent recounts his path to the US Treasury
01:19 – US “Long Way Off” from boosting longer-term debt sales
03:43 – Bessent says tariffs should not hold back the Federal Reserve from cutting interest rates
05:48 – Bessent on underlying conditions impacting 10-year yields, regulation’s “massive contribution” to inflation
07:47 – Unfortunate that DOGE is being lampooned and attacked
09:57 – Bessent says revaluing gold reserve “not what I had in mind”
11:00 – There may be more fraud in Washington, DC than we thought
12:15 – Bessent on potential for defense budget cuts
13:14 – Tariff policies on Europe and China
15:13 – “Make no mistake, the US still has a strong dollar policy,” says Scott Bessent
18:07 – China needs to rebalance to a consumption economy
19:53 – Reviewing US sanctions policy
21:03 – Bessent says a lot of Vladimir Zelenskiy’s comments in Munich were “inappropriate”
23:15 – “Ultimate goal” is for Europeans to provide their share of NATO spending
25:04 – Trump is committed to ending war in Ukraine “very quickly”
26:11 – Scott Bessent’s thoughts on Elon Musk
27:24 – “There are many fine public servants”
28:56 – Bessent feels he has “best position in DC”
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