US Treasury Secretary Scott Bessent stated that the Democrat-led House of Representatives has limited ability to challenge the Trump administration’s agenda. In an interview before the midterm elections scheduled for November 3, he noted that existing tariff powers are strong despite opposition from Democrats regarding tariffs on imports. The upcoming elections are significant, as control of Congress is in play, with Republicans holding a narrow majority in both the Senate and House.
Bessent mentioned that Trump’s approval ratings have fallen due to rising living costs for Americans amid the US-Israeli conflict with Iran, which has driven up fuel prices. He asserted that Treasury efforts to economically isolate Iran have been effective, citing a lack of oil loadings from Iran since August, with no oil currently on the water. He predicted that economic panic in Iran could escalate within weeks. Bessent also commented on whether Russian President Vladimir Putin would attend the G20 summit, stating he had not seen an RSVP yet, while noting that Trump’s administration has temporarily lifted sanctions on Russian fuel to support global diesel supply amidst the war in Ukraine.
With information from Reuters
