Besent, the de facto Prime Minister of the United States in the current Trump administration, has been incredibly influential. He not only spearheads macroeconomic strategies like tariff negotiations, fiscal policies, and reindustrialization but also serves as the IRS Commissioner. Many industrial policies in Shenzhen also seem to have his fingerprints. While the U.S. doesn’t have a Prime Minister, Besent seems to be evolving into that role. Bloomberg’s recent interview with Besent is definitely worth a read. Coming from Wall Street and having worked for financial tycoon Soros, Besent achieved financial freedom long ago. Yet, after experiencing the whirlwind of free-market economics and the MAGA movement, he firmly chose a path in politics. Besent’s political journey has always revolved around one core issue: how to strike a balance between Trump’s populist policies and the stability demands of financial markets. The Treasury Department has now morphed into an all-encompassing “super agency,” but when discussing his role, Besent humbly describes himself as merely an advisor to the President, providing options and potential outcomes for the President to decide upon. Such humility! Trump admires him, calling him “one of the smartest people on Wall Street” and praising him for doing “a great job as Treasury Secretary.” Wall Street respects him, seeing him as one of their own and pinning their hopes on him to rein in Trump’s extreme tendencies. He also shuttles between the Federal Reserve and the White House, acting as a “mediator” between Trump and Powell. Over the past six months, I personally think Besent’s performance has been quite impressive. As we’ve discussed before, Besent is one of the rare “rational adults” in the White House.