US Treasury Secretary's Diplomatic Struggles at Davos Forum
Scott Bessent, the United States Treasury Secretary, has found himself in an uncomfortable spotlight during the annual World Economic Forum gathering in Davos, Switzerland. The veteran financier turned government official has been thrust into the role of defending President Donald Trump's controversial push to annex Greenland, a move that has sparked international condemnation and domestic bewilderment.
An Unwanted Diplomatic Role
Bessent's appearance at the USA House in Davos on Wednesday marked a significant departure from his usual financial portfolio responsibilities. With Trump escalating demands to take control of Greenland – which remains Danish sovereign territory – the Treasury Secretary has been compelled to become the administration's chief diplomatic defender to a sceptical European audience.
This represents an unusual position for Bessent, who assumed leadership of the Treasury Department just last January. His attempts to calm European anger while addressing American voters' confusion about the Greenland situation have been characterised by observers as notably maladroit, blending condescension with diplomatic clumsiness.
Tactless Remarks and Social Media Mockery
During a Tuesday press briefing in Davos, Bessent struck a particularly discordant note when addressing eight European allies who have opposed Trump's Greenland ambitions. He cautioned against retaliating against US-imposed tariffs, telling journalists: "What I am urging everyone here to do is sit back, take a deep breath, and let things play out. The worst thing countries can do is escalate against the United States."
His dismissive characterisation of Denmark as "irrelevant" and accusations of European "hysteria" have drawn widespread criticism. The "sit back" comment particularly provoked mockery across social media platforms, with many commentators questioning Bessent's diplomatic sensibilities.
Further Diplomatic Missteps
Bessent extended his combative approach to other European leaders, accusing French President Emmanuel Macron and European Commission President Ursula von der Leyen of making "inflammatory statements." He added that Macron was presiding over what he described as a French budgetary "shambles," comments unlikely to foster international goodwill.
His efforts to justify the Greenland annexation push to American media outlets have proven similarly problematic. When questioned on NBC's Meet the Press about what national emergency justified Trump's tariff imposition against opposing nations, Bessent offered a convoluted response: "The national emergency is avoiding a national emergency. It is a strategic decision by the president. This is a geopolitical decision. And he is able to use the economic might of the US to avoid a hot war."
A Controversial Background
Bessent's current role as Trump's diplomatic defender appears particularly incongruous given aspects of his personal history and professional background. As the first openly gay man to serve as US Treasury Secretary, his pro-Trump pugnaciousness contrasts with some elements of his past associations.
With financial assets valued at approximately $521 million according to US government ethics disclosures, the 63-year-old made his fortune as a partner at Soros Fund Management – the hedge fund founded by Hungarian-born philanthropist George Soros. This connection has proven problematic given Soros's status as a frequent target of criticism from Trump's MAGA supporters due to his liberal political leanings.
Bessent's financial career includes several notable chapters:
- Playing a key strategic role in George Soros's 1992 bet against sterling that triggered Black Wednesday
- Founding the global macro investment firm Key Square Group
- Establishing himself as a Republican donor supporting Trump's Super PAC
- Providing financial backing for conservative publishing venture All Seasons Press
Domestic Confrontations and Federal Reserve Feud
Bessent's combative approach extends beyond international diplomacy to domestic politics. Last year, he reportedly engaged in a heated confrontation with Elon Musk in the White House over spending cut commitments, with witnesses describing a physical altercation occurring in a hallway following their Oval Office meeting.
He has also served as a loyal surrogate in Trump's ongoing feud with Federal Reserve Chairman Jerome Powell, accusing the central bank leader this week of "politicising the Fed" after attending Supreme Court arguments regarding presidential authority over bank governors.
Bessent has attempted to distance himself from his Soros connections, stating he hasn't spoken to his former mentor since December 2016 – the month following Trump's first election victory. However, this history continues to complicate his position within Trump's political circle and his current diplomatic challenges.
As the Davos forum concludes, Bessent's performance as Trump's diplomatic defender has done little to assuage European concerns about the Greenland situation or improve transatlantic relations. His maladroit approach has instead highlighted the administration's diplomatic challenges and raised questions about the Treasury Secretary's suitability for such international mediation roles.
