According to Bloomberg, during this week's stock market plunge, U.S. Treasury Secretary and former hedge fund executive Scott Bessent continuously received text messages from Wall Street executives. Many hedge fund managers and financial executives hoped he could persuade Trump to withdraw the tariff policy, as he previously served as the chief investment officer at Soros Fund Management and was seen as a potential "market-oriented" ally.
However, sources revealed that Bessent is not the driving force behind the tariff policy. He primarily analyzes the impact of different tariff levels on the market and economy during White House meetings. The policy is ultimately formulated by a small group within Trump's inner circle, with many key decisions finalized at the last moment.
Currently, Trump's "Made in America" economic policy is clashing with Wall Street's interests, which have long relied on global trade, and even some Republican lawmakers have begun to warn about the tariff policy.
