‘市场风险到底在哪里？’斯科特·贝森特回应批评者

‘Where the hell is the market risk?’Scott Bessent takeson his critics “市场风险到底在哪里？”斯科特·贝森特回应批评者 the Treasury departments US economy chief is bringing the Maga movement to’Donald Trump 部政财⼊带动运MAGA把在正管主济经国美的朗普特·德纳唐 James Politiin Washington詹姆斯·波利蒂在华盛顿 Published已发布OCT252025 Unlock the White House Watch newsletter for free免费订阅⽩宫观察通讯 Your guide to what Trump’s second term means for Washington,business and the world 为您解读特朗普第⼆任期对华盛顿、商业与世界的影响 Enter your email address From the sofa in his office overlooking the White House, ScottBessent, Donald Trump’s Treasury secretary, summed up how heapproaches the job. 从他办公室⾥那张能看到⽩宫的沙发上，唐纳德·特朗普的财政部⻓斯科特·⻉森特概述了他处理这份⼯作的⽅式。 “We want the most America-first policies that are possible,without incurring market wrath,” said the 63-year-old hedge fundmanager from South Carolina who now runs the cabinet agencyresponsible for the world’s largest economy and most importantdebt market. “我们希望在不引发市场愤怒的前提下，尽可能推⾏最以美国为先的政策，”这位63岁的对冲基⾦经理说。他来⾃南卡罗来纳州，如今负责管理全球最⼤经济体和最重要债券市场的内阁机构。 In just nine months,Bessenthas staunchly promoted Trump’saggressive tariff policies, championed the president’s effort tooverhaul the Federal Reserve — including his attempt to firegovernor Lisa Cook — and ushered in a new era of sweepingderegulation and tax cuts, including the loosening of crypto rulesand the promotion of stablecoins. 仅在九个⽉内，⻉森特就坚定地推动了特朗普激进的关税政策，⽀持总统改组美联储的努⼒——包括试图解雇理事丽莎·库克——并引领了⼀场新的⼤规模放松监管和减税时代，其中包括放宽加密货币规则和推动稳定币。 But he has also brought Maga to theUS Treasuryin other ways:vowing to use the Internal Revenue Service to probe left-leaningorganisations the government suspects of fuelling politicalviolence. The targets could include groups affiliated with GeorgeSoros, the veteran liberal billionaire for whom Bessent worked foryears. 但他也以其他⽅式将“MAGA”带⼊了美国财政部：誓⾔利⽤国税局调查政府怀疑助⻓政治暴⼒的左倾组织。调查对象可能包括与⽼牌⾃由派亿万富翁乔治·索罗斯有关的团体，⻉森特曾在这些组织⼯作多年。 Internationally, Bessent is also orchestrating a multibillion-dollarUS rescue packagefor Argentina to prop up President JavierMilei, Trump’s libertarian ally in Latin America. It has placed himon the US government’s side of a currency trade — the kind of bethe and Soros, famous for breaking the British pound, oncerelished as investors. 在国际上，⻉森特还在策划⼀项数⼗亿美元的美国救援⽅案，以⽀撑阿根廷总统哈维尔·梅莱伊——特朗普在拉丁美洲的⾃由意志主义盟友。这使他站在了美国政府⽀持的⼀笔货币交易的⼀⽅——这种赌注正是他与索罗斯曾作为投资者乐于为之的（索罗斯以打破英镑⽽闻名）。 Bessent spoke to the Financial Times twice this month, includingjust hours before announcing US sanctions on Russian oilexporters and ahead of a high-stakes trip to Asia, where he willflank Trump as he tries toresolve trade tensionswith China thathave flared up again in recent weeks. 本⽉⻉森特已两次接受《⾦融时报》采访，其中⼀次是在宣布对俄罗斯⽯油出⼝商实施美国制裁的数⼩时前，也是在⼀次⾼⻛险的亚洲出⾏之前，在那次出⾏中他将与特朗普并肩⽽⾏，帮助其解决近⼏周再次激化的对华贸易紧张局势。 Does he see his role as different from that of other Treasurysecretaries, including Steven Mnuchin, who held the post inTrump’s first term? 他是否认为⾃⼰的⻆⾊有别于其他财政部⻓，包括在特朗普第⼀任期内担任该职的史蒂⽂·努钦？ “Unlike most of my predecessors I have a very healthy scepticismof elite institutions and elite opinion, whereas I think they didn’t,”Bessent said. “But I have a healthy regard for the market,” headded. “与⼤多数前任不同，我对精英机构和精英观点持有⾮常健康的怀疑态度，⽽我认为他们并不如此，”⻉森特说。“但我对市场有着健康的敬重，”他补充道。 He also distanced himself from other populist governmentsaround the world with unorthodox policies. “What gets the peoplein trouble is they come in, they have these ideas, but they don’trespect the market... you’ve got to respect the market.” 他还与世界上其他奉⾏⾮常规政策的⺠粹政府保持距离。“让⼈⺠陷⼊困境的是他们上台后有这些想法，但不尊重市场……你必须尊重市场。” Bessent’s willingness to unabashedly deploy Trump’s Magaagenda at the heart of the Treasury, which was seen as a hub ofinstitutional resistance to the president’s policies during his firstterm, has endeared him toTrumpand increased his influence, saymultiple administration officials and other people close to theWhite House. 多位政府官员和接近⽩宫的⼈⼠表示，⻉森特⽆所顾忌地在财政部核⼼推⾏特朗普的MAGA议程——在第⼀任期内财政部被视为对总统政策的机构性抵抗枢纽——这使得他被特朗普看重，也增强了他的影响⼒。 “I was just with Trump and he was talking about Bessent, and Ithink he’s got a huge amount of faith in him,” said DavidMcCormick, the Republican senator from Pennsylvania, whoserved as the senior Treasury official for international affairsunder George W Bush. “我刚和特朗普在⼀起，他在谈论⻉森特，我认为他对他有极⼤的信任，”曾在乔治·W·布什任内担任财政部国际事务⾼级官员、现为宾夕法尼亚州共和党参议员的⼤卫·⻨考密克说。 “He’s viewed as a voice of reason. He’s viewed as someone whogets it done. He’s viewed as someone who has the president’strust,” he added. “他被看作理性的声⾳。他被看作是能把事情做好的⼈。他被看作是获得总统信任的⼈。” But the stakes resting on this relationship are high. 但这段关系所承载的利害关系很⾼。 Some critics and former Treasury officials say Bessent has notjust shaken the department’s free-market orthodoxies on trade,government intervention, and central bank autonomy, he has alsomade it more partisan. ⼀些批评者和前财政部官员表示，⻉森特不仅动摇了该部在贸易、政府⼲预和央⾏独⽴等⽅⾯的⾃由市场正统观念，他还让这些问题变得更加党派化。 在特朗普于四⽉发动全球贸易战后，⻉森特在⼀定程度上控制住了市场©SpencerPlatt/Getty Images “If Treasury is viewed as an overly politicised institution...itloses face or credibility with markets and with marketparticipants in a way that h