The normal gathering of former Treasury secretaries to welcome a newly minted one into the fold is normally a lighthearted and nice affair. However when the group convened this month, on President Trump’s “Liberation Day,” the tone was strikingly severe.
The dinner, organized by former Treasury Secretary Steven T. Mnuchin, happened at a second of tumult for the U.S. financial system. The president had upended world commerce with punishing tariffs on each allies and adversaries, and Treasury Secretary Scott Bessent was on the heart of it, defending a coverage that many within the room seen as financial malpractice.
“The temper was somber,” stated W. Michael Blumenthal, 99, who led the Treasury Division within the Carter administration and was in attendance.
Mr. Bessent was pressed over the technique behind the tariffs and the affect that they’d have on the financial system, in line with Mr. Blumenthal and different individuals aware of the dinner. At instances, Mr. Bessent elevated his voice when his predecessors confronted him about Mr. Trump’s strategy.
“He didn’t simply smile,” Mr. Blumenthal recalled. “There he’s — he has to defend it.”
The visitor record included Robert E. Rubin, Henry M. Paulson, Lawrence H. Summers, Timothy F. Geithner and Jack Lew. Former Treasury Secretary Janet L. Yellen was touring in Australia and didn’t attend, a spokesman stated.
The Treasury Division declined to touch upon the dinner, and Mr. Bessent declined to remark for this text.
