贝森特“坦白了”，特朗普的关税“套路”曝光

Core Viewpoint - The article discusses the actions and strategies of U.S. Treasury Secretary Bessent, highlighting his approach to implementing Trump's "Make America Great Again" (MAGA) agenda while managing market reactions and maintaining credibility [1][2]. Group 1: Bessent's Strategies and Market Impact - Bessent has advanced Trump's aggressive tariff agenda, reformed the Federal Reserve, relaxed cryptocurrency regulations, and initiated tax cuts within his first nine months [1]. - He believes in maximizing the MAGA agenda without upsetting the markets, showing a healthy respect for market dynamics [1]. - Since Bessent's appointment, the S&P 500 index has risen approximately 12%, while the 10-year U.S. Treasury yield has decreased by over 0.5 percentage points to 4% [2]. Group 2: Criticism and Political Dynamics - Critics argue that Bessent has undermined the Treasury's long-standing commitment to free-market principles and has made the institution excessively partisan [2]. - Concerns have been raised about Bessent "rapidly squandering" the Treasury's credibility, which could lead to severe consequences if perceived as overly politicized [2]. - The dollar has depreciated by about 8% since Bessent took office, with some attributing this to a loss of market confidence [4]. Group 3: Role in Federal Reserve and Political Interventions - Bessent has taken a more public stance on intervening with the Federal Reserve compared to previous Treasury secretaries, supporting Trump's attempts to dismiss Fed officials [5]. - He has criticized the Fed's quantitative easing and its expansion into areas beyond its mandate, positioning himself as a challenger to potential Fed chair candidates [5]. - Bessent's political connections, particularly with Steve Bannon, have solidified his position within the MAGA framework, allowing him to navigate internal challenges [6]. Group 4: Future Challenges and Economic Outlook - Bessent faces internal opposition, particularly regarding a proposed multi-billion dollar aid package for Argentina, which some MAGA allies oppose [6]. - The true test for Bessent will be whether he can help Trump deliver on promises of an economic "golden age," despite challenges such as slowing job growth and persistent inflation [6]. - Bessent's role is to provide options and potential outcomes to the president, who ultimately decides the extent of policy implementation [7].