U.S. Treasury Secretary Scott Bessent made waves this week with bold statements about China’s economic policies and an unexpected defense of Dogecoin during a fiery Bloomberg interview. The 79th Treasury chief – confirmed just three weeks ago – revealed explosive details about Trump administration priorities while facing scrutiny over controversial alliances.
China Clash Escalates
In his first official call with Chinese Vice Premier He Lifeng on February 21, Bessent accused Beijing of “economic imbalances” and “unfair trade practices,” vowing to protect American workers through aggressive tariffs. This follows his February 20 remarks advocating for “disinflationary” policies combining tax cuts with strategic import duties.
Dogecoin Defense Stuns Markets
The former Soros Fund manager shocked financial analysts by calling criticism of meme cryptocurrency Dogecoin (DOGE) “unfortunate lampooning,” though he stopped short of endorsing it as legal tender. His comments triggered a 12% DOGE price surge within hours.
Musk Partnership Under Fire
Bessent confirmed granting Elon Musk’s government efficiency team access to Treasury payment systems handling $6 trillion annually. When pressed about security risks, he praised Musk’s “innovative mindset” but avoided specifics about data safeguards.
Ukraine Peace Push
The Treasury secretary backed Trump’s plan to “end the Ukraine war very quickly,” criticizing President Zelensky’s recent Munich Security Conference remarks as “inappropriate”. This aligns with Trump’s February 19 complaint about Zelensky’s treatment of U.S. envoys.
Controversial Appointments
Bessent now holds dual roles as Treasury Secretary and Acting Director of the Consumer Financial Protection Bureau after firing predecessor Rohit Chopra. Critics argue this consolidation of power threatens financial oversight independence.
