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The Latest Breaking News from Scott Bessent

Trump Considers Australian Retirement Plan, Musk Predicts AI-Driven Unemployment And More: This Week In Economy

As the week comes to a close, let’s look back at the top stories that emerged over the past few days. From Trump’s contemplation of the Australian retirement system to Elon Musk’s predictions about AI-driven unemployment, here’s a recap of the week’s most significant stories.

Benzinga

Treasury Secretary Bessent insists Trump’s tariff agenda is ‘permanent,’ saying the White House can re-create it even with a Supreme Court loss

Using various other justifications, the White House can implement its tariffs regardless of a Supreme Court loss, said Scott Bessent.

Fortune

Costco November US Core Comps Fall Short, But Trends Overall Consistent: Analyst

Costco Wholesale Corp. (NASDAQ:COST) is facing new scrutiny after its November U.S. core sales came in softer than expected, signaling a rare cooling in the retailer’s multi-month momentum and raising fresh questions about consumer strength heading into the holidays.

Benzinga

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Tariffs and the $38 trillion national debt: Kevin Hassett sees ‘big reductions’ in deficit while Scott Bessent sees a ‘shrinking ice cube’

The favorite to become Fed chair says tariffs are an important part of Trump’s economic policy and behind “a lot of the revenue coming into the Treasury.”

Fortune

‘Have they given enough? No’: Melinda French Gates rips into billionaire class, saying Giving Pledge has fallen short

The billionaire philanthropist says there’s more work to be done to get the wealthy to donate.

Fortune

CEOs are making the business case for AI—and dispelling talk of a bubble

Also: All the news and watercooler chat from Fortune.

Fortune

Scott Bessent Says Trump's 'Exact Tariff Structure' To Continue 'Permanently' Regardless Of Supreme Court Decision

U.S. Treasury Secretary Scott Bessent expressed confidence that the administration would be able to enforce its tariff policies, regardless of the outcome of an ongoing Supreme Court case.

Benzinga

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Trump Weighs Making Treasury Secretary Scott Bessent His Top Economic Adviser If Kevin Hassett Becomes Fed Chair: Report

President Donald Trump is reportedly contemplating appointing U.S. Treasury Secretary Scott Bessent as his chief economic adviser if incumbent Kevin Hassett is chosen as the next Chairman of the Federal Reserve.

Benzinga

Bernie Sanders Says Likes Of Jeff Bezos And Elon Musk Now Own More Wealth Than 50% Of Americans Combined, Wonders If Thats What People Are Angry About

Sen. Bernie Sanders (I-Vt.) has renewed his criticism of extreme wealth concentration, arguing that the fortunes of three tech billionaires now eclipsing the bottom half of American households reflect a fundamentally broken economic system.

Benzinga

Scott Bessent calls the Giving Pledge well-intentioned but ‘very amorphous,’ growing from ‘a panic among the billionaire class’

“When you see that people have a stake in the system, they don’t want to bring the system down,” the Treasury secretary argued at the DealBook Summit.

Fortune

Scott Bessent is defiant on whether tariffs are a tax, demands Democrats work to cut actual taxes instead

Saying that some Democrats had walked into his “bear trap,” the Treasury secretary urged them: “Join me and cut taxes, and that will be disinflationary.”

Fortune

Bessent says White House may 'veto' Federal Reserve presidents

Treasury Secretary Scott Bessent said Wednesday he would push a new requirement that the Federal Reserve’s regional bank presidents live in their districts for at least three years before taking office, a move that could give the White House more power over the independent agency

The Independent UK

Scott Bessent, Ted Cruz Hail $1,000 Trump Accounts For Kids: 'This Will Transform America'

President Donald Trump has launched "Trump Accounts," providing every eligible newborn in the U.S. with a $1,000 government-funded savings account to jumpstart their financial future.

Benzinga

Epstein survivors call on Congress to force Trump administration to hand over financial records

Bank records at the Treasury Department could expose the sex trafficker’s ‘cross-border criminal organization,’ victims say

The Independent UK

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Fortune

‘This Fed went to sleep,’ says top economist Mohamed El-Erian, who wants to see central bank reformed and presidents to ‘cool it’

Mohamed El-Erian calls for a visionary, less reactive Fed just as Trump settles on his next chair, with Hassett leading and independence fears resurfacing.

Reason

Republican Socialism: Trump Is Taking Federal Stakes in Private Companies

The Trump administration's pivot toward socialism did not come without warning.

The Independent UK

IRS agents will be required to watch OnlyFans to determine if content fits ‘no tax on tips’ criteria

Campaigners have claimed that defining what pornography actually is could be too difficult to determine whether OnlyFans creators should be exempted from the ‘no tax on tips’ law

Benzinga

Scott Bessent Orders Treasury Probe Into Claims Minnesota Tax Dollars Diverted To Somali Terrorist Organization Under 'Feckless' Biden Administration

The U.S. Treasury Secretary Scott Bessent has opened a formal investigation into allegations that Minnesota taxpayers' money may have been diverted to the Somali terrorist group Al-Shabaab through alleged fraud schemes.

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news in one place.

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Fortune

The tariffs are raising $100 billion less than Trump expected. Pantheon Macro sees 3 reasons why, starting with China

Scott Bessent said in August that tariffs would raise “well over half a trillion, maybe toward a trillion-dollar number.” It hasn’t panned out that way.

Fortune

Trump says he has a name to replace Powell—so Wall Street may need to contend with a ‘shadow Fed chair’ for the next half year

With Powell’s Fed term ending, Trump readies a new chair. Analysts eye Kevin Hassett and fear a “shadow chairman” could reshape U.S. monetary policy.

Benzinga

Elon Musk Calls Out H1-B 'Misuse,' But Defends Skilled Immigration, Says Ending Program Will Be 'Very Bad'

Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk acknowledged the significant contribution of H1-B talent to the U.S. and called for a more open yet cautious approach to immigration.

Benzinga

Scott Bessent Moves To 'Cut Off' These Tax Credits, Other Federal Benefits For 'Illegal Aliens'

Scott Bessent, the Treasury Secretary, has revealed that the U.S. Treasury is taking steps to terminate federal benefits for “illegal aliens” amid President Donald Trump‘s directive to safeguard these benefits for U.S. citizens.

GOBankingRates

I Asked ChatGPT if I’m Too ‘High-Income’ for Trump’s Tariff Stimulus

ChatGPT analyzed whether a $100K household qualifies for Trump's proposed $2,000 tariff dividend. The answer: probably eligible, but nothing's finalized yet.

Benzinga

Trump Hints At Tax Cut, John Bolton Warns Of Peace Prize Ambitions And More: This Week in Politics

As the week comes to a close, here’s a look at some of the most significant stories that unfolded in the world of politics.

Benzinga

Trump Admin Boasts Affordability Wins As Egg Prices Plunge 86%, Housing Costs Fall Nearly 14%, Despite Rising Grocery Inflation

The Donald Trump administration is focusing on lowering the cost of living for Americans, highlighting selective wins in food and housing prices even as broader inflation continues to challenge households.

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