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Scott Bessent: “The G7 leaders were all pretty much rallying around what the…”

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

Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King

Published March 13, 2026 | Video Starts at 45:48

Well, I think you're seeing, as I said, I was in the Oval office for the G7 leaders call, and The G7 leaders were all pretty much rallying around what the US is doing. congratulating us for taking out this Iranian cancer on the world. And they're more concerned about how does it proceed. (45:48–45:55)

CLAIM

Asserts that G7 leaders support US actions.

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

“The leaders confirmed that it would in fact be a 400 million barrel release, which is the largest in history.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 22:31-22:39
“The US B2S had to do a 37-hour round trip rather than a three, three and a half hour round trip.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 40:07-40:24
“We're operating now with a global 10% tariff.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 42:43-42:48
“The Supreme Court ruled that the President does not have the ability to use IPA tariffs.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 43:09-43:16
“Section 301 which President Trump used in his first term has been challenged more than 4,000 times in court.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 43:19-43:29
“The U.S. treasury market is the deepest, most liquid and most, most solid in the world.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 04:57-05:04
“We are the guardians of the treasury market and we try to be very transparent.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 05:07-05:16
“We also try to make sure that the market itself is very resilient on an operational and a settlement basis.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 05:15-05:23
“The market is smoothly functioning, settling well [during the Iranian conflict].”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 05:23-05:35
“In 2011, right after Fukushima and terrible tragedy, tsunami, tidal wave, near nuclear meltdown. Easy to remember, it's 3, 11, 11 when that…”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 11:51-12:10
“The Japanese government demanded that the nuclear reactors be switched off.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 12:13-12:19
“If one was thinking of being short the yen, you were pushing against a very, very large current account surplus, about 3% of GDP.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 12:20-12:31
“When the Japanese switched off the nuclear reactors, they had to start importing more fossil fuels. And it took the current account to a…”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 12:31-12:42
“A contact in Japan, great fellow, Funabashi Son, Japanese journalist, thinker, policy person, called and said, there's this fellow called…”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 12:51-13:20
“I believe there were three board seats opening on the bank of Japan. Bank of Japan had been a group of deflationist or disinflationists. So…”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 13:23-13:41
“Abenomics, all three arrows have been a fantastic success.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 15:51-15:56
“There's now mobility among labor in terms of people switching jobs [in Japan].”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 16:25-16:32
“They've done a fantastic job of restructuring the economy [in Japan].”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 16:31-16:36
“President Trump's energy policies have insulated the US quite a bit.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 20:41-20:47
“There are in fact tankers coming through now, Iranian tankers, I believe some Chinese flag tankers have come through, so we know that they…”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 23:15-23:28
“My belief that as soon as it is militarily possible, the US Navy and perhaps with an international coalition will be escorting vessels…”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 23:42-23:55
“It is a prospect as soon as we have complete control of the skies and degrading their. They have no air force, the Navy is sunk, literally…”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 24:15-24:32
“The public number that was released today was about 11 billion thus far.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 25:45-25:50
“US Treasuries had their best year since 2022 and we were the only G7 bond market with lower yields last year.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 26:34-26:47
“We gave a 30 day waiver because the Russian barrels are on the water and it is a quick source of for the Indian refineries.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 27:11-27:28
“We had a near failed narco state in the Western Hemisphere.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 28:22-28:28
“President Trump has made it clear that we want to protect our neighborhood.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 28:27-28:32
“We have a substantial movement over the past few years of our Latin American neighbors from many from very far left ala, Bolivia, Chile…”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 28:32-28:49
“Bolivia had closed their airspace to US military aircraft.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 29:02-29:08
“Now Bolivia's our ally.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 29:07-29:11
“Chile had briefly gone far left. Now that they are right, the President elect has already said that he wants to be an ally of the US again.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 29:11-29:25
“The military operation here was to keep [Iran] from being able to ring fence with with their missile capabilities, the ability to create an…”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 29:40-29:53
“The Fed is worried about maybe the energy component triggering inflationary expectations.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 30:49-30:57
“If the oil price was below 60 at the beginning of the year, once this conflict is over and resolved in favor of the U.S. I think there is a…”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 31:20-31:37
“I actually believe that the bank of England's QE policy was better than the Fed's because I think extraordinary measures should only happen…”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 34:50-35:01
“The Bank of England stepped in twice in the past few years, once during the early days of COVID.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 35:00-35:04
“The Fed continued buying for years afterwards [after the Bank of England's intervention].”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 35:19-35:26
“That's one of the things that got us the great inflation 22 and 23.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 35:26-35:32
“Shadow banking is not having a systemic problem.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 39:07-39:18
“We are monitoring any relationships between the regulated entities [and the shadow banking system].”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 39:18-39:24
“Belatedly, the Prime Minister offered to put resources in the region.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 41:32-41:40
“Section 122 right now is still at 10.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 43:52-43:56
“We believe that the Supreme Court will rule in our favor.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 44:40-44:45
“The US Navy, perhaps with an international coalition, will be escorting vessels through [the Strait of Hormuz].”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 46:04-46:18
“We're seeing what may be an international coalition in terms of the Straits of Hormuz.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 46:04-46:10
“Our military is more powerful and more lethal and more respected than it's ever been.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 48:19-48:27
“The US Leads the world and we just keep pulling away [in technology].”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 48:26-48:34
“With this AI boom, we're going to have over 70 or 80% of all the compute in the world.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 48:34-48:40
“We are moving ahead of plan [in the Middle East].”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 51:24-51:27
“Iran is degraded.”
Scott Bessent: Inside Trump's Treasury; War Costs; & Why Bond Market is King | Uploaded March 13, 2026 | 51:28-51:31