Pod Force One: One-on-One with Treasury Secretary Scott Besant Release Date: June 18, 2025

In this compelling episode of Pod Force One, New York Post columnist Miranda Devine engages in an in-depth conversation with Treasury Secretary Scott Besant. The discussion unpacks a range of critical topics, from tariff policies and economic strategies to personal insights into Secretary Besant's life and career. Here is a detailed summary of their conversation:

I. Introduction and Setting the Scene

Miranda Devine welcomes listeners to Pod Force One, setting the stage for an exclusive interview with Scott Besant, the current Treasury Secretary. The interview takes place in the historic Treasury building, where Besant shares insights about the office's legacy.

[00:36] Scott Besant: "This room is one of three museum offices here in the fantastic treasury building. Salmon Chase was the Treasury Secretary for Abraham Lincoln during the Civil War... this is a museum quality office."

II. Tariff Policies and Economic Impact

The conversation delves into the historical and contemporary role of tariffs in the U.S. economy. Besant draws parallels between Alexander Hamilton’s foundational financial strategies and President Trump's modern use of tariffs as a tool for negotiation.

[02:28] Scott Besant: "Alexander Hamilton set up the financial system for the US Government... one of the things President Trump has added is negotiations. So he uses tariffs for leverage."

Besant introduces the term "Tariff Derangement Syndrome" (TDS), critiquing the exaggerated fears about tariff-induced recessions that have not materialized.

[04:28] Scott Besant: "I call it TDS. A lot of predictions about tariffs causing recessions have just been baseless and a flop."

III. Wage Growth and Employment

Highlighting positive economic indicators, Besant discusses the resurgence of blue-collar wage growth under the current administration, attributing it to policies favoring manufacturing and reducing illegal immigration's impact on wages.

[05:33] Scott Besant: "Real wages for hourly workers, non-supervisory workers, have risen almost 2% in the first five months."

IV. Relationship with President Trump

Besant praises President Trump's economic instincts and leadership style, emphasizing their aligned vision for revitalizing strategic industries in the U.S.

[06:45] Scott Besant: "It's all about following President Trump's lead because he has incredible instincts... We haven't had a president like this for over 100 years."

V. Trade Negotiations with China

Discussing recent trade negotiations, Besant outlines the strategic decoupling from China in critical industries such as steel, semiconductors, and pharmaceuticals. He emphasizes the challenges posed by China's economic policies and the administration's efforts to rebalance trade relations.

[12:06] Scott Besant: "We are definitely doing a strategic decoupling for important industries. We would like for them to open up and buy more US goods and services."

VI. Internal Cabinet Relations and Elon Musk

Besant touches on his working relationship with Commerce Secretary Howard Lutnick and addresses reported tensions with Elon Musk, clarifying that their disagreements are rooted in different operational styles rather than personal conflicts.

[20:32] Scott Besant: "We have had disagreements, but we both want to get to the same place... everybody's very passionate about doing the best job for President Trump and the American people."

VII. Personal Background and Identity

Transitioning to personal topics, Besant shares his upbringing in South Carolina, early work experiences, and the influence of his father’s passion for science fiction. He also openly discusses being the first openly gay Treasury Secretary, highlighting the importance of merit over identity politics.

[47:07] Scott Besant: "Thanks to President Trump, the highest-ranking US government official in the history of the United States... I'm happy about it, but it's because he thinks I can advance the economy for the American people."

VIII. Career Highlights and Achievements

Besant recounts pivotal moments in his career, including his role in breaking the Bank of England and his tenure at George Soros's Source Fund Management. He reflects on significant trades and their impact on global finance.

[40:04] Scott Besant: "Stan Druckenmiller had this idea that... my contribution was running the SFM office in London... we made a billion dollars in a day."

IX. Vision for US Treasury and Future Plans

Looking ahead, Besant outlines his goals for the Treasury, focusing on stabilizing US finances, ensuring sustained economic growth, and maintaining the US Dollar's status as the global reserve currency. He also highlights the administration's proactive stance on digital assets and cryptocurrency.

[57:45] Scott Besant: "Stabilize the US finances... make sure that we have another great 250 years... lock in the US Dollar as the reserve currency for many more generations."

X. Closing Remarks

In the final segment, Besant shares his philosophy on leadership and success, emphasizing passion and dedication. He also touches on parenting, underscoring the importance of time and supporting children's interests.

[63:46] Scott Besant: "I call it love of the game... help them find what's the game they love."

Devine wraps up the interview by acknowledging Besant's significant contributions and hinting at future episodes featuring other influential figures.

This episode offers a comprehensive look into Scott Besant's perspectives on economic policies, his strategic approach to international trade, and his personal journey to becoming the first openly gay Treasury Secretary. Through insightful dialogue and candid reflections, listeners gain a nuanced understanding of the current financial landscape and the leadership driving it forward.

Notable Quotes:

• Scott Besant [04:28]: "I call it TDS. A lot of predictions about tariffs causing recessions have just been baseless and a flop."
• Scott Besant [05:33]: "Real wages for hourly workers, non-supervisory workers, have risen almost 2% in the first five months."
• Scott Besant [12:06]: "We are definitely doing a strategic decoupling for important industries. We would like for them to open up and buy more US goods and services."
• Scott Besant [47:07]: "Thanks to President Trump, the highest-ranking US government official in the history of the United States... I'm happy about it, but it's because he thinks I can advance the economy for the American people."

For those who missed this episode, tune in to Pod Force One on Apple Podcasts, Spotify, or your preferred podcast platform to stay informed on the power, politics, and people shaping America's future.