Treasury Secretary Scott Bessent was present at the Milken Institute Global Conference.
Los Angeles
,
California
with a message:
Donald Trump
is serious about
tariffs
It’s time to put money into the United States.
Bessent attended a modest private gathering hosted by Presidential envoy for special missions Richard Grenell on Sunday at the Peninsula Hotel in Beverly Hills, before delivering his address at the conference.
The treasury secretary spoke to the exclusive gathering, previewing his speech with about 150 attendees that included political and economic heavyweights.
FCC Chairman Brendan Carr, former Treasury Secretary Steven Mnuchin, and Securities Commissioner Mark Uyeda attended the reception along with prominent figures from the finance world such as CitiGroup CEO Jane Fraser and Pershing Square Capital founder.
Bill Ackman
, Chairman Barry Sternlicht from Starwood Capital Group, and Robin Vince who leads The Bank of New York Mellon.
President of Paraguay Santiago Peña was joined by Congressman Darrell Issa and Abe Hamadeh as well.
“It was astounding,” Grenell said in an interview with the Daily Mail regarding the event.
‘I realized that there was really an opportunity to showcase what is happening in America by showcasing people getting comfortable with the idea of America first.’
He mentioned that several Silicon Valley technology investors had already shown broad support for Trump’s initiatives, with many Wall Street financiers also beginning to align themselves.
The event took place at the same time as a reception hosted by Citadel hedge fund manager Ken Griffin that was across the street.
Sources familiar with Griffin’s relationship with the White House told Daily Mail he is growing frustrated that no one is answering his calls and has become a bit of a punchline in the West Wing.
‘It’s no surprise that Ken Griffin isn’t getting his phone calls returned,’ Caroline Wren, a longtime fundraiser for Trump told the Daily Mail. ‘Ken Griffin has repeatedly and publicly criticized the America First policies that President Trump is enacting, and then privately complains about a lack of access to Trump. You can’t have it both ways.’
It comes as no surprise since Griffin continues to be an outspoken critic of Trump.
Last month at the World Economy Summit in Washington, D.C., Griffin voiced his concern that Trump was progressing too rapidly and potentially jeopardizing the American ‘brand.’
“It could take a lifetime to mend the harm that has been inflicted,” he stated.
For several weeks now, Bessent has been discreetly attempting to calm penanam modal concerns following the announcement from the president of a 90-day halt on global tariffs affecting all countries except China. Concurrently, however, he is cautioning top financial figures that President Trump is firmly committed to relocating manufacturing processes, production facilities, and well-compensated employment opportunities back to the U.S.
Even though global investors expressed concern and anxiety among the attendees at the conference, Bessent cautioned those who criticized for undervaluing the president’s position.
“He was proven right during his first term, and he continues to prove them wrong today,” Bessent stated.
He coolly conveyed that the administration was ‘cultivating conditions’ for an economic upsurge in the U.S., and ‘sowing the seeds,’ encouraging businesses to increase their investments within the country.
Next comes the harvesting process, and we hope you will join us,” he stated. “Recruit your workforce from this area, construct your facilities here, produce your goods locally, and rest assured that you made the right choice.
The presence of Trump administration members at luxurious gatherings and elite events might pose political issues if they appear to prioritize satisfying rich investors over supporting the president’s policies.
But former White House chief strategist Steve Bannon praised Bessent’s appearance as ‘epic.’
‘Bessent delivered the message. Trump is not backing off,’ he said. ‘He is requiring global commercial relationships to favor America and American workers and they jumped onboard.’
The message was well received, Grenell said, praising Bessent’s impact in the room.
‘I think Scott is very calm, smart, judicious,’ Grenell said.
The Wall Street investors who support the existing political system, Grenell said, are very used to getting what they want for short term gain, but Bessent and is urging them to think bigger and more longterm.
‘We have to be making things again and that requires a change in the current paradigm,’ Grenell said.
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