Full Breakdown
Scott Bessent Critiques The New York Times at DealBook Summit
12/4/2025, 9:24:53 AM
Treasury Secretary's Bold Statements
During the New York Times' annual DealBook Summit on December 3, 2025, U.S. Treasury Secretary Scott Bessent delivered a scathing critique of the newspaper, asserting that it is becoming obsolete. In a live discussion with DealBook founder Andrew Ross Sorkin, Bessent accused the Times of facilitating a "cover-up" regarding President Joe Biden's health and labeled its reporting on President Donald Trump as "100% fake." He expressed skepticism about the paper's future relevance, stating, “In twenty, thirty, forty, fifty years The New York Times is no longer the paper of record.”
Discussion on Tariffs and Trade
Bessent also addressed the administration's tariff policies, indicating confidence in the ability to maintain the current tariff structure regardless of a pending Supreme Court case. He referenced sections of the 1962 Trade Act, asserting, “We can recreate the exact tariff structure with [sections] 301, with 232, with 122.” This statement reflects a broader strategy to uphold import duties that have been a point of contention in U.S.-China trade relations.
In relation to these trade dynamics, Bessent expressed optimism about China's commitment to purchasing American agricultural products, specifically mentioning a pledge to buy 12 million metric tons of soybeans this year as part of a trade truce negotiated by Trump and Chinese leader Xi Jinping.
Critique of the Federal Reserve
Bessent's remarks extended to the Federal Reserve, where he proposed a new requirement for regional bank presidents to reside in their districts for at least three years before taking office. He argued that this change would address a perceived disconnect in the Fed's operations, stating, “Unless someone has lived in their district for three years, we're going to veto them.” This proposal aligns with ongoing criticisms from the Trump administration regarding the Fed's monetary policy and its impact on the economy.
Official Statements & Responses
Bessent's comments at the summit reflect a broader narrative of the Trump administration's stance on media, trade, and economic policy. He emphasized the administration's commitment to its tariff agenda and expressed confidence in the ongoing trade negotiations with China. His remarks regarding the Federal Reserve suggest a desire for increased oversight and alignment with the administration's economic objectives.
Verbatim Quotes
- “Andrew, there’s no new normal,” — Scott Bessent, U.S. Treasury Secretary
- “I read this article, like ‘President Trump is slowing down. President Trump’s mental capacity –’ It is a hundred percent fake. Like he only called me twice at two in the morning last week instead of three times.” — Scott Bessent, U.S. Treasury Secretary
- “You know, in twenty, thirty, forty, fifty years The New York Times is no longer the paper of record,” — Scott Bessent, U.S. Treasury Secretary
Criticism & Opposition
Bessent's remarks have drawn criticism from media analysts and political commentators who argue that his statements undermine journalistic integrity and the role of the press in a democratic society. Critics contend that labeling the Times as a "fever swamp" reflects a broader trend of hostility towards the media among certain political figures.
Conflicting Reports & Gaps
While Bessent expressed confidence in the administration's tariff strategies and trade agreements, there remains uncertainty regarding the actual implementation of these policies, particularly in light of the Supreme Court's pending decisions. Additionally, the accuracy of Bessent's claims about the New York Times has been challenged by various media watchdogs, raising questions about the veracity of his statements.
