At the heart of the debate over Bessent's appointment is the thorny question of the central bank's independence. Trump has never concealed his frustration with Powell, whom he appointed in 2017, for his reluctance to lower interest rates in the face of tariff uncertainty.

Treasury Secretary Bessent warns Gov. Newsom that withholding federal tax payments over Trump's proposed transgender athlete fines would constitute tax evasion.

The CBO estimated last week that the tax-and-spending cuts package would increase deficits by $2.4 trillion over 10 years.

The verbal spat turned physical when the world’s richest man thrusted his shoulder into Bessent’s rib cage “like a rugby player” before the treasury chief fought back.

Treasury Secretary Scott Bessent told Congress that it is "highly likely" that a pause related to steep new US tariffs on other countries will be extended for countries that are negotiating with the administration "in good faith.

El secretario del Tesoro, Scott Bessent, se abstuvo de argumentar si la legislación fiscal que los republicanos están tratando de aprobar en el Congreso aumentará o no la carga de deuda.

The treasury secretary called the governor's remarks suggesting the state could withhold federal tax payments amid reported federal funding cuts "reckless."