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Scott Bessent: “Before the Ukraine invasion, approximately 2 or 3% of Indian…”

Featuring: Scott Bessent, Republican | Secretary of the Treasury | National

Scott Bessent: 'We're reordering the global economy' | The Conversation

Published January 22, 2026 | Video Starts at 13:45

I will also point out that our virtue signaling European allies refused to do it because they wanted to sign this big trade deal with India. And just to be clear, let's understand what's happening. Before the Ukraine invasion, approximately 2 or 3% of Indian oil that went into their refineries came from Russia. The oil was sanctioned. It got deeply discounted and moved up into the high teens. 17, 18, 19% was being refined. Huge, huge profits from the refiners. (13:45–13:56)

CLAIM

Asserts that before the Ukraine invasion, 2-3% of Indian oil imports were from Russia.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Scott Bessent

“They [the Fed] were doing large scale asset purchases for 15 months after the vaccine was announced.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 05:20-42:39
“We put 25% tariffs on India for buying Russian oil and the Indian purchases by their refineries of Russian oil have collapsed.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 13:05-13:19
“Everyone knows in May, June, we were days away with these rare earth magnets from substantial shutdowns in our auto assembly lines.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 18:17-18:31
“97% of the advanced semiconductors in the world are made in Taiwan.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 19:36-19:42
“China issued a statement saying that for every good sold in the world that had 0.01% Chinese rare earths in it, they wanted an export…”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 20:41-21:03
“The Canadian economy is smaller than the economy of Texas.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 22:28-22:33
“Four to six Fed governors and regional bank presidents have to leave for ethics violations out of 19.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 40:33-40:54
“We're reordering the global economy, especially since the China shock in the early 2000s, that free trade was not fair trade.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 02:28-02:40
“We're seeing trillions of dollars of investment flow back into the US.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 03:02-03:07
“We are seeing substantial tariff income and we are seeing the announcement of factories coming back, manufacturing coming back.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 03:07-03:17
“For the third quarter GDP, trade actually was a positive contribution to GDP.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 03:25-03:32
“The tariff levels that we've assigned to our trading partners, whether it's 15% with the EU, 15% with Japan, 19% for Vietnam.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 04:14-04:24
“We brought down the tariffs on the other side of the ledger. So these countries that had been charging US tariffs, that's those have been…”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 04:35-04:46
“They [China] also have a substantial youth unemployment problem.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 05:20-29:55
“They [China] are in the midst of a full blown real estate crisis.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 05:20-30:00
“They [China] have seen very substantial decrease in corporations, corporate margins.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 05:20-30:10
“We've seen the lack of energy security from this manic push for net zero.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 05:47-05:59
“We expect you to pay for part of the NATO defense.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 07:36-07:42
“There are five to seven critical industries that got cut off during COVID that are essential to reshore in the US.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 07:56-08:19
“We're moving at warp speed on [the critical minerals process] to get out from under the Chinese pressure.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 08:35-08:42
“He views Greenland as essential to the US Gold golden dome missile shield.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 10:49-10:56
“The tariffs are in place.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 12:11-12:14
“The 25% Russian oil tariffs are still on.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 13:21-13:24
“Europeans were buying refined products from Indian refineries made from Russian oil.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 13:45-13:56
“We are in a national emergency right now [due to rare earth materials].”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 17:32-17:48
“President Trump is using the IA tariffs and the negotiations, especially with the government of Taiwan to reshore the semiconductor…”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 19:51-20:01
“President Trump threatened 100% tariffs and the Chinese came to the table.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 21:06-21:12
“Canada had a retroactive digital service tax on our US Internet providers.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 23:11-23:18
“Canada should drop those digital services taxes.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 23:28-23:33
“We have achieved a very good equilibrium [with China].”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 26:05-26:18
“President Trump will be visiting Beijing in April.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 27:04-27:09
“Party Chair Xi will be coming either to D.C. or Mar a Lago, probably over the summer.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 27:08-27:17
“We have a trade agreement with [China].”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 27:27-27:30
“The Chinese have implemented and have kept up their side [of the trade agreement].”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 27:30-27:34
“They actually completed their soybean purchases last week, their full allocation.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 28:00-28:07
“We are going to see a fantastic economic year in 2026.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 30:44-30:51
“Working Americans have very substantial refunds coming. 100, 150 billion that we're going to see in the first quarter.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 31:09-31:19
“We've seen real wages increase every month since President Trump has come in.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 31:58-32:05
“Observable inflation is actually below the Fed target now.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 32:28-32:33
“The Biden administration torched, torched working Americans. We had the greatest inflation in 49 years.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 32:52-33:01
“In 2026, we are happy to own this. We're going to see real wage increases.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 33:18-33:25
“We are going to see inflation back below the Fed targets.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 33:24-33:30
“We are not trying to decouple from China. We're trying to de-risk [our supply chains].”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 36:34-36:41
“Housing is not a free market because there's a tax arbitrage.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 36:47-36:52
“This administration has created 2.5 trillion in new lending capacity that can go to American business, to Americans.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 37:40-37:49
“The Fed is a sprawling institution that has gotten out of control.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 40:12-40:17
“The American people have to believe in the Fed or you see the worst inflation in 49 years.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 40:53-40:59
“The Fed chair is one vote and steers the committee.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 42:07-42:13
“The President values the independence of the Fed.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 42:19-42:22
“These Fed moves have been one of the things that have pushed this inequality in the US.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 42:58-43:06
“We do everything from the Mint to monitoring the international relations.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 43:27-43:34
“We're implementing the one big beautiful tax bill because most of the implementation or the guidance is done at a Treasury.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 43:34-43:45
“The Fed has to be like Caesar's wife, beyond reproach.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 44:08-44:13
“Since last spring I have been calling for the Fed to do internal reviews on all these things.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 44:29-44:35
“We are not being taken advantage of. The jobs are not being shipped overseas.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 45:37-45:44
“We are going to bring back high precision manufacturing jobs.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 46:17-46:23
“We are going to grow our way out of this debt problem.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 46:30-46:34
“We have put sanctions on Iranian oil. We cut down their access to the dollar market.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 48:21-48:28
“The Iranian leadership is wiring money out of the country like crazy.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 48:30-48:35
“The Russians hate the [Ukraine] trade deal. Ukrainians love it. And it will be the centerpiece of the economic recovery in Ukraine.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 49:58-50:08