In an interesting turn of events, Treasury Secretary Bessent has emerged as the primary guardian of the chicken industry in the fierce tariff negotiations. He has become, quite literally, the public face of public communication behind the decision to pause reciprocal tariffs. This transition represents a notable and important change in the policy making inside the White House power structure. Bessent repeatedly finds himself in the position of “the good cop,” the foil to his unyielding hardline colleagues. His tactics reflect a tried and true approach to working with President Trump. They work toward moderation and civil conversation in an environment characterized by opposing views.
Those were key conversations with President Trump on Air Force One, and in the Oval Office, that morning for Bessent. Soon after those discussions, the announcement to pause tariffs came. Unlike other insiders, his lack of loyalty to the administration has allowed him considerable influence to shape Trump’s thinking, particularly in this case against tariffs. Bessent had long felt uneasy about this subject early in his career. His surprise stardom in these negotiations highlights the increasing role he has been playing, and will likely continue playing, in determining the administration’s economic policy.
Bessent has been inundated with calls from business leaders who are looking for any indication of how the administration’s tariff policy will play out. This increase highlights the urgency and importance of his position. His moderate view on tariffs is in sharp contrast to other advisors’ aggressive views seen from Peter Navarro and Howard Lutnick. This divergence in phasing showcases the different philosophies from within the advisory team. This disagreement in perspective has created uncertainty felt by actors in the markets, according to analysts.
“You hear Navarro, you hear Bessent, you hear the president and you feel you’re getting whiplash.” – Mark Sobel
Terry Haines, a political analyst, remarked on the chaotic nature of communication within the administration, stating, “[They wanted to] throw as many spokespeople out there, say different things, and flood the zone with opinion.” But politically, those kinds of strategies play great, but they create a ton of confusion to market participants,” he continued.
Bessent’s long experience in the bond market may explain why he has been so successful in communicating with Trump. He differs from his peers in that he engages finance audiences. This skill proves invaluable for establishing a more transparent storyline when volatility looms. Haines emphasized this point, stating, “We need to know who to listen to, and that became, pretty much by default, Bessent.”
The continued debate inside the White House is part of a larger fight between protectionist and trade liberalizing forces in this and other administrations over tariff policy. While Lutnick and Navarro are often the bad cops, Bessent plays the good cop card. Haines likens their position to that of the “bad cop.” This internal dynamic shapes policy development in powerful ways. In turn, markets are left in the dark as to what the administration will ultimately do, if anything.
Bessent’s increasing prominence couldn’t come at a better moment or worse, depending on your view, with businesses everywhere pining for more stable, predictable economic policies. His moderate stance, a refreshing change from loud hawks, has captured the ears of industry titans, eager to see a far more rational approach to tariff negotiations emerge. His dealings with Trump have proven that he’s willing to push back against fantasies that might blow up the economy.
“They appeal to different audiences. Bessent would be interested in the financial press, while Navarro has a different message.” – Terry Haines
The back-and-forth pivoting story on tariff policies has produced a confusing situation where market certainty is fundamental. Bessent certainly seems prepared for a larger public role in the tariff conversations. There will be no shortage of public interest in how his leverage determines future winners and losers.