Bessent Reportedly Says Trump Was 'Right' On Tariffs, Notes His 'Maximalist' Approach Gave Leverage In Trade Negotiations

Speaking during The New York Times DealBook Summit 2025, Bessent acknowledged that his views on tariffs have evolved since 2024.

Treasury Secretary Scott Bessent reportedly said on Wednesday that President Donald Trump was “right” with his tariff policy and the approach he took.

Speaking during The New York Times DealBook Summit 2025, Bessent acknowledged that his views on tariffs have evolved since 2024. “I’ve had an open mind, and I’ve evolved on this, and the president has been right,” he said.

Bessent added that while he initially favored smaller incremental tariffs, President Trump went in with a “maximalist” position. “That is actually what gave us the leverage in negotiations,” the Treasury Secretary added in the interview.

Maximalist To Start Negotiations

Bessent gave an example of the tariffs imposed on Japan. While President Trump initially threatened the Asian country with 35% tariffs in July, he announced a month later that Japanese imports would carry a 25% levy.

Eventually, the Trump administration announced an agreement with Japan in September, applying a baseline 15% tariff on nearly all goods imported from the country into the U.S.

“The President has a much higher risk appetite than I do,” Bessent said during the interview.

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