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Fortune
Fortune
Greg McKenna

Bessent denies bond selloff made Trump back down on tariffs

Scott Bessent Donald Trump the Federal Reserve Torsten Sløk Hedge Funds United States
Treasury Secretary Scott Bessent, dressed in a suit and red- and black-striped tie, walks through a door in the U.S. capital. (Credit: Kent Nishimura—Bloomberg/Getty Images)
  • Treasury Secretary Scott Bessent denied that chaos in the bond market over the deleveraging of so-called basis trades forced President Trump into putting his global trade tariffs on pause for 90 days. Rather, Bessent said, this was Trump’s plan all along.

Treasury Secretary Scott Bessent denied Wednesday that bond market volatility had forced the president into putting a 90-day pause on most trade tariffs.

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