Beisent closed-door meeting revealed: Trade decisions advise Trump to be patient, he is as impatient as Soros
Bescent stated that Trump has a unique ability to identify problems and find solutions, but sometimes lacks patience during execution; two interest rate cuts are expected this year. Previously, media reported that after advisors like Bescent informed him that delaying the tariff "deadline" could buy time for reaching a trade agreement, Trump made the decision to postpone
U.S. Treasury Secretary Becerra was reported to have revealed information about Trump in a recent closed-door meeting, suggesting that he may have influence over Trump's trade policies.
On Thursday, July 10, Eastern Time, media outlets cited sources saying that on Wednesday, at the annual meeting of the boutique investment bank Allen & Co. in New York, the host asked Becerra to compare his current and former bosses. Becerra stated that both Trump and Soros share similar tempers and demands, as well as impatience in dealing with matters. He advised Trump to remain patient during discussions about trade announcements.
According to insiders, during the aforementioned private discussions at the company’s annual meeting, Becerra praised Trump for his unique ability to identify problems and find solutions, but also noted that Trump sometimes lacks patience in execution.
Insiders reported that Becerra attempted to downplay the impact of tariffs from the Trump administration on inflation while predicting that the Federal Reserve would have two rate cuts this year. He also mentioned that long-term borrowing costs might return to pre-COVID-19 levels.
It is currently unclear how much influence Becerra has had on Trump's recent tariff decisions. According to CCTV News, on Monday, July 7, the same day that Trump sent letters notifying 14 countries, including Japan and South Korea, about the new reciprocal tariffs effective August 1, he signed an executive order extending the so-called "reciprocal tariff" grace period, delaying the implementation date from July 9 to August 1.
Trump's executive order effectively pushed back the previous tariff "deadline" of July 9 to more than three weeks later on August 1. This actually extended the negotiation time for trade partners, pushing the negotiation deadline to August 1.
Wall Street Journal noted that on Tuesday, media learned that advisors, including Becerra, told Trump that delaying the tariff "deadline" could buy more time to reach a trade agreement, leading to Trump's decision. As July 9 approached, Becerra and other officials in the Trump administration felt that they were making progress in agreements with trade partners such as India and the European Union.
The media reported that before deciding to postpone the "deadline" on Monday, Trump had phone conversations with allies at his private golf club in New Jersey over the weekend. He was weighing whether to set a new "deadline" in August or to issue a letter notifying the new tariff rates without a specific date.
It is reported that during the call, Trump expressed frustration to aides and allies about the lack of progress in negotiations, blaming the negotiating countries for not offering what he considered sufficient terms for the U.S. Ultimately, he decided to use the tax letter and the delayed deadline as a negotiation strategy to force trade partners to make concessions at the last moment
