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The Latest Breaking News from Scott Bessent

Treasury expected to borrow $2 trillion this year to continue functioning—more than $166 billion every month

"Markets will only tolerate our unsustainable borrowing for so long; the risk of a fiscal crisis gets higher as the days pass. We need deficit reduction urgently."

Fortune

A year on from Liberation Day, Trump's tariffs have done 'significant damage' to the U.S. economy, says Moody's chief economist

"Since that day, job growth has come to a standstill," Zandi says.

Fortune

Top Trump advisers urge China to leverage Iran ties to reopen Strait of Hormuz to global traffic

US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent have both expressed a need for China to leverage its tight relations with Tehran to reopen the strategic Strait of Hormuz for “their own interests”.

Euronews

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Argument over how to carry out Trump’s deportation ‘master plan’ got so heated that officials had to ‘clear the room,’ report says

The fiery dispute centered on a proposal that would have allowed agents to enter homes without judicial warrants

The Independent UK

Jamie Dimon blesses the trillion-dollar AI capex boom

"The technology is so powerful, it's worth the trillion-dollar investment."

Axios

Rachel Reeves ‘clashed’ with US treasury secretary over Iran war

IN FULL

The Independent UK

Rachel Reeves and Scott Bessent ‘argued’ in Washington after chancellor’s Iran war criticism

Ms Reeves reportedly hit back that she did not work for the US treasury secretary

The Independent UK

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No 10 does not deny Chancellor rowed with US counterpart in Washington meetings

Rachel Reeves had a fierce confrontation with Scott Bessent when she visited the US capital for the IMF’s spring meetings, according to reports.

Evening Standard

Rachel Reeves and Scott Bessent argued in person about Iran war, sources say

UK chancellor said to have told US treasury secretary she did not like his tone during meeting in Washington in April

The Guardian - UK

UK 30-year borrowing costs hit highest since 1998 amid oil price surge and political uncertainty – as it happened

Long-term UK borrowing costs hit 28-year high on expectations of higher inflation, and speculation that local elections could prompt leadership challenge

The Guardian - UK

Trump’s former AI czar says the quiet part out loud on the economy: ‘Stopping progress in AI would be equivalent to halting the US economy’

With across-the-board job growth yet to materialize, AI investment is propping up economic activity.

Fortune

3 Ways Kevin Warsh Will Change the Fed

The chair can't cut interest rates all by himself, but there are three things Kevin Warsh can do to change the Fed.

Kiplinger

Losing A Spouse Comes With A Tax Shock — The Hidden 'Widow's Penalty' Few See Coming

Surviving spouses in the US face financial challenges due to the widow's tax penalty, impacting tax brackets, Medicare premiums, and Social Security.

International Business Times UK

Warren Buffett says markets are like a church with a casino attached, but 'we've never had people in a more gambling mood than now'

"But that doesn't mean that investing is terrible. It does mean that prices for an awful lot of things will look very silly."

Fortune

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The Times of India

'Strait of Trump': US President shares new map naming Hormuz after himself, says blockade could last months

US President Donald Trump shared a modified map renaming the Strait of Hormuz as the "Strait of Trump," following claims that a naval blockade against Iran could last for months. This development occurs as Iran rejects US claims about economic damage and criticizes the blockade strategy, with its parliament speaker…

The Independent UK

Iran-US war latest: Trump again declares ‘we’ve already won’ as he pressures Tehran to make a deal

President Donald Trump said even though the U.S. has ‘already won,’ he wants to win by a ‘bigger margin’

Fortune

OPEC shocker as UAE leaves oil cartel days after negotiating swap lines with Scott Bessent’s Treasury

The petrodollar saga is taking another twist. The long, slow unraveling of the architecture that has governed global finance since 1974 continues.

The Independent UK

US won't renew Iranian and Russian oil waivers, Bessent says

Treasury Secretary Scott Bessent says the U.S. does not plan a third renewal of a waiver allowing the purchase of Russian oil that is currently at sea

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International Business Times

U.S. Freezes $344 Million In Crypto Tied To Iran Amid Escalating Regional Tensions

The Trump administration has frozen about $344 million in cryptocurrency it says is linked to Iran, stepping up financial pressure on Tehran as tensions between the countries continue.

The Independent UK

US imposes sanctions on a China-based oil refinery and 40 shippers over Iranian oil

The Trump administration is sanctioning a major China-based oil refinery and about 40 shipping companies

Axios

How a swap line for Persian Gulf allies would break with the past

"Many of our Gulf allies have requested swap lines" and seemed receptive to their use, said Treasury Secretary Scott Bessent.

International Business Times UK

How Did David Scott Die? Cause of Death, Advocacy and The Remarkable Life Of a Georgia Congressman

David Scott, the veteran Georgia congressman and former House Agriculture Committee chair, has died at 80 after more than two decades in Washington.

Euronews

EU agrees fresh sanctions on Russia but leaves maritime services ban on hold

Due to Greece and Malta's concerns, the full ban on maritime services will be left on hold pending an agreement at the G7 level. The US, however, is going in the opposite direction by providing sanctions relief to Russia.

The Guardian - AU

Erdogan says Iran war ‘starting to weaken Europe’ – as it happened

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Euronews

EU optimistic about ending Hungary's veto on €90 billion loan for Ukraine

Brussels is ready to move on with the €90 billion loan for Ukraine as soon as Hungary removes its controversial veto. The resolution could also pave the way for the adoption of a new package of sanctions against Russia.

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