Thoughts on Bessent.

The markets are reacting positively to Bessent at Treasury, in part because they see him as a moderating influence on Trump's tariff threats.

Bessent isn't as free trade as I'd like, but his view is that the "tariff gun will always be loaded and on the table but rarely discharged".

In essence, he believes that the mere threat of it could yield concessions with trading partners that would make using the tool unnecessary, kind of a peace through strength/saber rattling approach to international trade.