
Trump and George Soros have this character trait in common, Treasury Secretary Scott Bessent says
Treasury Secretary Scott Bessent told an exclusive audience of billionaires at the annual Allen & Co. conference in Sun Valley, Idaho, this week that both men share a common personality trait: impatience when navigating high-stakes negotiations.
People in the room told Bloomberg News on condition of anonymity due to the closed-door nature of the event that Bessent made the comparison after being asked by the moderator to reflect on his time working for both Soros and Trump.
4 Treasury Secretary Scott Bessent was asked to reflect about his time working for left-wing billionaire financier George Soros.
REUTERS
The conference, often referred to as the 'summer camp for billionaires,' is off-limits to journalists and the public.
Bessent told the crowd that Trump and Soros are alike in their temperament, demands and impatience, particularly when implementing decisions after identifying problems and solutions.
The secretary, who began his association with Soros in 1991 when he joined Soros Fund Management shortly after graduating from Yale University, noted that he often advises the president to be patient as they navigate the rollout of trade announcements.
Despite Trump's impatience, Bessent credited the president with a sharp instinct for identifying problems and devising effective responses.
He also downplayed concerns that the administration's aggressive tariff policy was contributing to inflation and predicted two interest rate cuts by the end of the year. Bessent told the group that long-term borrowing costs would likely return to pre-pandemic levels.
He noted that investors are currently pricing in one and a half cuts this year due to strong economic data, according to one attendee.
4 Bessent drew a provocative comparison between his current boss, President Trump (above), and his former mentor, the Hungarian-born Soros.
Getty Images
A spokesperson for the Treasury Department and the White House were not immediately available to comment. The Post has sought comment from Soros.
Before being appointed Treasury secretary under Trump, Bessent worked twice at Soros Fund Management, eventually rising to the role of chief investment officer before launching his own hedge fund.
He quickly advanced within the firm, eventually becoming the head of SFM's London office. In that role, Bessent played a pivotal part in executing one of the firm's most famous trades: the 1992 'Black Wednesday' bet against the British pound.
This trade netted Soros's fund more than $1 billion and helped establish Bessent's reputation as a talented macro investor.
He is frequently described as a protégé of Soros, having learned directly from the financier and made significant contributions to SFM's investment strategies.
4 Trump and Soros exhibit an impatience when navigating high-stakes negotiations, according to Bessent.
AFP via Getty Images
In 2015, after leaving Soros Fund Management, Bessent founded his own hedge fund, Key Square Group. He launched the fund with a substantial $2 billion anchor investment from Soros.
The financial backing underscored the continued strength of their relationship. Although Soros's capital remained in the fund for several years, it was eventually withdrawn in 2018 as Key Square diversified its investor base.
Soros, through his Open Society Foundations, has spent over $32 billion advancing left-wing causes around the world. In the US, he's backed radical criminal justice reforms, including soft-on-crime prosecutors, bail elimination and drug decriminalization.
Soros, who at age 94 has largely receded from public life and has handed the reins of his empire to his son, Alex, is one of the Democratic Party's biggest donors, funneling hundreds of millions into liberal Super PACs and candidates like Barack Obama, Hillary Clinton and Joe Biden.
He also funded efforts to oppose Trump and other conservatives. In the 2022 midterms alone, Soros was the single largest political donor, contributing over $125 million to left-wing political groups and campaigns.
Bessent has taken on an unusually prominent role for a Treasury chief, serving as the lead negotiator in ongoing trade talks with China, Japan and other Asian countries.
4 Soros, 94, has stepped back from public life. He has handed the reins over to his son, Alex Soros (left).
alexsoros/Instagram
He is scheduled to visit Japan next week, although the Treasury Department has stated that trade will not be a topic of discussion.
Meetings with Chinese officials and Indonesia's coordinating minister for economic affairs are also expected to take place soon.
During his remarks in Sun Valley, Bessent pushed back against critics who claim Trump often escalates trade conflicts only to back down.
He dismissed the label 'TACO trade,' a term coined by a Financial Times columnist meaning 'Trump Always Chickens Out.'
Instead, Bessent characterized Trump's approach as more aggressive and likened it to the acronym 'FAFO,' which stands for 'F— Around and Find Out,' a phrase popular on social media.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


USA Today
13 minutes ago
- USA Today
We're creating AI that could surveil US citizens. And the government is in on it.
Tech companies' lack of transparency and accountability in developing surveillance tools that governments can use is unacceptable. President Donald Trump recently gathered CEOs for a summit about renewing the United States 'spiritually and financially.' At the top of the agenda was a closer look at 'American values' such as faith and freedom. There is cause for alarm, however. Centuries after Americans declared independence from the British monarchy, our freedom and liberty are under threat − not only from foreign governments like China, but potentially our own. America's surveillance state is spreading as the federal government collects personal data of hundreds of millions of Americans. In the age of artificial intelligence, with data collection accelerating at an unprecedented rate, our privacy has never been more vulnerable. Who is the culprit? The data collectors range from the National Security Agency to Silicon Valley's cadre of data-hungry technology companies. Add to that list a new organization: Palantir. While it is not a household name like Google or Netflix, it is soon to be a common domestic concern. The technology company's surveillance operation has exploded in recent months, raising the possibility of creating a full-fledged surveillance state. Opinion: AI knows we shouldn't trust it for everything. I know because I asked it. Since January, Palantir has received more than $113 million in federal funds, according to The New York Times, not including a $795 million Defense Department contract awarded in May. While the federal government increased data sharing across agencies (with Palantir's help), the company continues to shop its technology to the Social Security Administration and the Internal Revenue Service. AI technology could be repurposed for sinister uses We are talking about technology that can be weaponized. While Palantir's current focus is to identify people in the United States illegally, tracking movements in real time, the company is also building the infrastructure that could be used for a massive surveillance state. Former Palantir employees have warned about the potential for the company's AI tools to surveil American citizens with a disregard for personal privacy. It is not so far-fetched. Palantir's AI software is used by the Israeli Defense Forces to strike targets in Gaza. It is used to assist the U.S. Defense Department in analyzing drone footage. And it has been used by the Los Angeles Police Department to forecast crime patterns. This is called 'predictive policing.' If "Minority Report"was not a horror movie before, it is now. Given the government's penchant for abusing power (see: COVID-19 censorship or the NSA spying scandal), does this not seem like an obvious move against our civil liberties? For years, the NSA engaged in the mass surveillance of Americans' telephone records, as was exposed in 2013. Between 2001 and 2007, government wiretapping − executed without warrants − affected millions of U.S. citizens. Now, the same agencies are tapping into the power of AI to expand government surveillance in once unimaginable ways. Opinion: AI is changing our world. At what point will it change our reality? Of course, the federal government can already access a wide range of our personal data, but it is often separated by agency. Washington, DC, can create exponentially more detailed profiles on all of us by sharing data with the help of Palantir's AI tools. Even when surveilling noncitizens, the government's data collection inevitably tracks individual Americans based on their own interactions with these noncitizens. The government's data collection is based on information from police departments, financial institutions and other entities, like Palantir. Big government and big tech partnership raises concerns Even if the alliance between the government and Palantir works as intended, it is a potential threat to our civil liberties. Political dissidents could become targets. Not even those with limited public personas are safe from the state's detailed profiling machine. These systems are not perfect, and neither are our leaders. What happens when AI systems fail? What happens when data collection goes haywire? Palantir is hardly alone. OpenAI recently launched OpenAI for Government, which aims to equip federal, state and local leaders with advanced AI tools. OpenAI claims to serve the 'public good' and 'bolster national security readiness,' but why would private citizens take that at face value? What does 'readiness' actually mean, in practice? At the moment, many of our elected officials do not have answers to these questions, or they are just ignoring them. The same goes for OpenAI and Palantir, which are all too comfortable amassing ever-larger federal contracts and greater market share. This lack of transparency or accountability is unacceptable. The only thing worse than the overreach of Big Government is Big Tech in bed with Big Government. For those who care about freedom and liberty, now is the time to speak up, before it is too late. Peyton Hornberger serves as communications director at The Alliance for Secure AI, a nonprofit organization that educates the public about the implications of advanced artificial intelligence.
Yahoo
37 minutes ago
- Yahoo
US Trade Talk Delays Jolt South Korean Leader's Honeymoon Phase
(Bloomberg) -- Less than two months into his presidency, South Korean leader Lee Jae Myung is facing an early diplomatic and economic test, as his top negotiators struggle to make headway in trade talks with the US before higher levies kick in next week. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom South Korean negotiators faced a series of canceled meetings this week, a setback in their push to finalize a trade deal ahead of the looming Aug. 1 deadline, when across-the-board tariffs on US imports of Korean goods are set to rise to 25% from 10%. While some meetings may be rescheduled in the coming days, the delays stand in stark contrast to the progress made by countries like Japan, the Philippines, Indonesia, and Vietnam, all of which have secured agreements that helped them avoid the worst-case tariff scenarios. Lee is enjoying strong support on hopes for an economic recovery after months of political turmoil sparked by the impeachment of former President Yoon Suk Yeol. But he needs a breakthrough in trade negotiations to shield Korea's export-reliant economy. In 2024, overseas shipments were equivalent to more than 40% of South Korea's GDP, making the stakes especially high. The back-to-back, last-minute cancellations come at a precarious moment. South Korea's National Security Adviser Wi Sung-lac said the talks are at their 'final stages' and a 'critical juncture,' but he was unable to meet with his US counterpart, Secretary of State Marco Rubio, during a four-day visit to Washington that concluded Thursday. Wi said he made a planned visit to the White House, but Rubio was called away at the last minute after receiving an 'urgent call' from Trump. The two officials spoke by phone instead. Treasury Secretary Scott Bessent canceled a scheduled meeting with South Korean Finance Minister Koo Yun-cheol, just hours before Koo was due to board a plane to the US. Bessent cited a scheduling conflict. Adding urgency is the freshly signed US–Japan trade agreement this week, which Trump has hailed as a 'great deal for everybody.' Under the agreement, the US will impose 15% tariffs on most imports of goods from Japan, including automobiles, in exchange for Tokyo creating a $550 billion fund to make investments in the US. 'You know the Koreans also like the Europeans, they very very much want to make a deal,' Trump's Commerce Secretary, Howard Lutnick, said on CNBC on Thursday. 'I mean you could hear the expletives out of Korea when they read the Japanese deal because the Koreans and the Japanese they stare at each other.' What Bloomberg Economics Says... 'With US President Donald Trump striking a 'massive Deal with Japan,' the task for South Korea now is to ensure its automakers don't get a raw deal that puts them at a competitive disadvantage to Japanese rivals.' — Hyosung Kwon, economist Click here to see full report Despite the setback, South Korean officials are working to keep the momentum alive, focusing on meetings with Lutnick and US Trade Representative Jamieson Greer. After a meeting on Thursday, Lutnick and South Korean Industry Minister Kim Jung-kwan reaffirmed their commitment to pursue a mutually beneficial agreement ahead of the Aug. 1 deadline, Kim's office said. The more talks drag on, the more people question the capability of the negotiators. But Rintaro Nishimura, a Tokyo-based associate with strategic advisory firm the Asia Group, said the US trading partners are dealing with a 'very challenging negotiation with three different people who have three different kinds of interests at play.' 'I don't think the US side had one singular idea in terms of what they wanted,' he said, referring to the Japan deal. 'And then Trump would just come in at some point and then say something else.' Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
39 minutes ago
- Yahoo
Report: Newcastle Utd face £150M decision over top scorer's future
Player push sparks £150M transfer dilemma for Newcastle Utd Newcastle United's summer strategy faces a significant test amid growing uncertainty surrounding their star forward, who has made clear his desire to explore options elsewhere. The player in question has not travelled with the squad for their pre-season tour of Singapore and South Korea, officially due to a minor thigh complaint. However, senior figures at Newcastle are aware of his inclination to consider a move in the current transfer window. With three years remaining on his existing contract, the club is under no immediate pressure to sell. Talks had been expected this summer over a potential new deal, with Chief Executive Darren Eales indicating earlier in the year that negotiations would be addressed once the season concluded. At present, those discussions have not materialised. Despite the player's current stance, Newcastle's preference is to retain him and reopen talks on an extension. If needed, a transfer could be revisited in 2026. Liverpool interest adds weight to potential £150M record deal Interest from Liverpool has intensified in recent weeks, with the Premier League giants exploring the possibility of submitting a British record bid, understood to be in the region of £150M. Such a figure would surpass the £116M Liverpool recently paid for Bayer Leverkusen's Florian Wirtz, underlining their ambition in the transfer market under new manager Arne Slot. While Newcastle are reluctant to lose their leading scorer, they recognise that any bid close to £150M — combined with the player's own willingness to move — could compel them to enter negotiations. Howe's plans unsettled as forward stays behind Eddie Howe's preparations have been disrupted by the ongoing uncertainty. The forward did not feature in Newcastle's recent 4-0 defeat against Celtic and was granted leave to return home. Officially, this was attributed to managing his recovery, but sources suggest the decision also took into account the speculation surrounding his future. Howe indicated post-match that he expected the player to rejoin the group during the Asia tour. However, that now appears unlikely as the situation remains unresolved. The forward has scored 62 goals in 109 appearances for the club and has become a pivotal figure under Howe, whose coaching has elevated him to among the most in-demand attacking players in Europe. Contract strength may yet shift Newcastle's stance While Newcastle remain firm in their stance to retain the forward, their contractual position gives them leverage. They are not under financial pressure to sell, and any transfer would have to be on their terms — both in valuation and timing. Should a suitable offer materialise and the player continue to push for a move, the situation could develop rapidly in the final weeks of the window. For now, Newcastle remain calm but are aware that circumstances may force a decision sooner than they'd prefer.