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The Latest Breaking News from Scott Bessent

The kill line v Chinamaxxing: a window into how China and the US see each other

In China, one social media trend hangs on the idea that a life in the US is always one step from disaster, while another in the US has teenagers revelling in Chinese lifestyle hacks

The Guardian - AU

Oil targets in spotlight as Iran war enters second week – as it happened

Iranian military said in a statement that oil and energy infrastructure belonging to firms that cooperated with the US would ‘immediately be destroyed’

The Guardian - AU

US navy will escort oil tankers through Strait of Hormuz despite Iran threats, says treasury secretary

Scott Bessent said Chinese tankers have passed through the Strait in what he claimed was a sign Tehran ‘have not mined’ the passage

The Independent UK

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Ukraine supporters oppose easing of Russia sanctions

Numerous lawmakers, including some Republicans, are outraged about the Trump administration’s easing of sanctions on Russian oil exports, amid reports that Moscow is helping Iran target U.S. troops in the Middle East. Treasury Secretary Scott Bessent, looking to ease a supply crisis caused by the Iran war that has driven…

Roll Call

Explosions rock Tehran as US official warns 'biggest bombing' of war is coming

There is no foreseeable end to the fighting and the Trump administration approved a new $151 million arms sale to Israel after Trump said he would not negotiate with Iran without its "unconditional surrender."

Euronews

Ukraine war briefing: nationwide air alert issued after at least six killed in strikes on Kharkiv and Dnipro

Search operations under way as drones hit residential buildings; US considers lifting more sanctions on Russian oil. What we know on day 1,473

The Guardian - AU

A boost for Moscow in the shadow of Iran war: US allows India to buy Russian oil for a month

The U.S. Treasury Department’s decision to allow India to buy Russian oil for 30 days underscores a boost for Moscow's fortunes against the backdrop of the Iran war as Russia's oil export earnings help pay for its own war against Ukraine

The Independent UK

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The Treasury may need to borrow extra $1.6 trillion to cover the hole left by tariff ruling, says CBO—adding $400 billion in debt interest by 2036

In total, deficits post-ruling will be $2 trillion larger than they were before the Supreme Court decision.

Fortune

US grants waiver to allow India to buy Russian oil amid Iran war

‘Stopgap measure’ designed to keep oil flowing into global market as Middle East crisis disrupts crude shipments

The Guardian - UK

US offers India 30-day waiver to buy stranded Russian oil amid Iran war shocks

The United States has issued a temporary 30-day waiver allowing Indian refiners to purchase Russian crude oil currently stranded at sea, as disruptions from the Iran conflict threaten global energy supplies.

Euronews

US offers India 30-day waiver to buy Russian oil amid Strait of Hormuz disruption

Indian refiners, whose supplies were stuck in the Gulf, have started buying Russian oil

The Independent UK

Tehran warns Europe to stay out of conflict or face ‘retaliation’ – as it happened

This blog is now closed

The Guardian - UK

Trump touts tariffs as a budget fix. But the brutal truth is ‘they’re very weak’ and barely dent the $39 trillion national debt

An international tax policy expert told Fortune any form of tariff fails to “move the needle one way or the other.”

Fortune

Trump's loss of $1.7 trillion in tariff revenue will send the national debt to $58 trillion by 2036, think tank projects

The Supreme Court's invalidation of the president's sweeping import levies has blown a bigger hole in federal finances.

Fortune

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The Independent UK

IRS’ new CEO dodges questions over why the agency gave taxpayer info to ICE

The IRS broke the law by disclosing confidential taxpayer information ‘approximately 42,695 times’

Evening Standard

Stocks recoup some lost ground as oil price cools

With the Middle East crisis entering its fifth day, the oil price cooled a touch.

Barchart

Stock Index Futures Higher as Investors Digest U.S. ADP Jobs Report

March S&P 500 E-Mini futures (ESH26) are up +0.38%, and March Nasdaq 100 E-Mini futures (NQH26) are up +0.58% this morning, giving up earlier gains after U.S. Treasury Secretary Scott Bessent said a proposed 15% global tariff could take effect this week.

International Business Times

Ted Cruz Urges Scott Bessent to Go Around Congress and Enact $200B Tax Cuts

Republican Sens. Ted Cruz and Tim Scott formally urged Treasury Secretary Scott Bessent to enact roughly $200 billion in tax cuts without the approval of Congress.

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Fortune

Trump’s action against Iran is yet another wobble for government debt, warns UBS

“President Trump indicated attacks could go on for four or five weeks, and there are already reports of a need to urgently replenish weapons stockpiles. That potentially adds to the fiscal deficit,” noted Paul Donovan of UBS.

Fortune

Why Ray Dalio, Scott Bessent and others are rallying around a '3% solution' to the national debt

Bipartisan consensus is building in support of lowering the gulf between revenues and outlays to 3% of GDP.

GOBankingRates

Trump’s $2K Dividend: Who Qualifies and How You’ll Get It

Here's who might qualify and how Americans could receive the money.

Reason

Will the Trump Administration Pay the Tariff Refunds It Promised?

It said that if it lost in court, it would refund companies that paid unlawful tariffs. Now it says the process could take years.

Fortune

‘The state of our union is more indebted than ever’: Budget watchdog continues war of words with Trump White House

The Committee for a Responsible Federal Budget took heat over the weekend, with Scott Bessent saying its leader “should be ashamed.”

Fortune

‘Maya MacGuineas should be ashamed’: Scott Bessent launches war of words with the nonpartisan think tank that agrees with Trump on tariffs

For her part, MacGuineas said Bessent’s diatribe was “a bit of an odd response.”

The Independent UK

Democrats demand government refund billions in Trump tariff money

The measure would prioritize refunds for small businesses and encourages importers, wholesalers and large companies to pass the refunds on to their customers

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