Treasury Secretary Scott Bescent Responds to Janet Yellen’s Criticism
Treasury Secretary Scott Bescent has pushed back against former Treasury Secretary Janet Yellen after she criticized the Trump administration’s economy and trade policies. This exchange came from an interview Yellen did with Wire China, released on Friday.
Yellen, who served under President Biden from 2021 to 2025, mentioned that she hasn’t communicated with Bescent at all. She claimed he effectively “revoked everything that was my priorities,” adding that this situation extends “far beyond China.”
She went on to discuss significant matters such as reforming the Internal Revenue Service and evolving international tax treaties with 137 countries. Yellen emphasized the importance of global public goods like pandemic preparation and climate change, stating, “It’s all completely dead. I don’t think he needs my advice on that.”
In response, Bescent remarked that Yellen’s “bitter comments are not surprising.” He defended the Trump administration’s approach, suggesting it engaged China in a respectful and thorough manner.
Bescent further criticized Yellen, stating, “When she visited the Treasury building, she left me and the American people with the biggest deficit in GDP in American history, all while we weren’t in war or recession.”
He asserted, “The Trump administration and I engaged China in a respectful but fulfilling way, rather than lectures or co-ops.” Bescent also referred to previous comments made by Yellen regarding non-political activities during her diplomatic trip to China in July 2023.
In terms of economic context, it’s worth noting that U.S. budget deficits reached $1.5 trillion from October 2022 to August 2023, while Yellen was still in office. The Brookings Institute has reported that the deficit share of GDP increased from about 3.8% in the first 11 months of 2022 to 5.7% in 2023.
