Scott Bessent kicks off Milken bash by doubling down on Trump agenda
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Treasury Secretary Scott Bessent kicked off Michael Milken’s annual financial bash in Beverly Hills by doubling down on President Trump’s economic policy of trade reform, tax cuts and deregulation — promising the “America First” agenda would be “the blueprint for a more abundant world.”
The former hedge fund manager, in a brief speech Monday that opened the Milken Institute Global Conference, said all three elements of the policy must be taken together in order to be understood.
“They are interlocking parts of an engine designed to drive long-term investment in the American economy,” he said at the Beverly Hilton.
“Tariffs are engineered to encourage companies like yours to invest directly in the United States. Hire your workers here, build your factories here, make your products here. You’ll be glad you did, not only because we have the most productive workforce in the world, but because we will soon have the most favorable tax and regulatory environment as well,” he said.
Bessent telegraphed his speech with an opinion piece Sunday in the Wall Street Journal that made the same points.
In a conversation with the institute’s chairman and founder, Milken, that followed, he said one key goal was regulatory reform that would “make everyone look more like Texas” while reducing the government’s borrowing so the deficit decreases by about 1% per year and falls to its long-term average of 3.1% of gross national product.
Bessent’s appearance was not without drama. The New York Post reported that Trump envoy Ric Grenell organized a soiree at the nearby five-star Peninsula Beverly Hills on Sunday afternoon featuring Bessent that directly competed with a conference reception hosted by hedge fund mogul Ken Griffin.
The billionaire founder and chief executive of Citadel, Griffin has been highly critical of the tariffs and will help close the conference with a conversation late Wednesday afternoon with Milken.
This is the 28th annual global conference hosted by the Santa Monica think tank, which seeks to employ capitalist models in solving the world’s economic, social, technology and health problems. It will feature more than 200 sessions, 1,000 speakers and some 4,000 participants paying thousands for tickets.
“While there’s no shortage of those challenges, and in many cases, we actually have the resources and technology to address these issues, what’s often missing is finding a common will to do so,” said Milken Chief Executive Richard Ditizio, who introduced Bessent. “How else to explain that in a world that has created some $500 trillion in wealth, one in 11 people on the planet live on under $2 a day, or that tuberculosis, a totally preventable and curable disease, killed 1.3 million people last year?”
This year’s conference, whose theme is “Toward a Flourishing Future,” is being held amid the great uncertainty caused by Trump’s tariffs, which have roiled capital markets worldwide, though U.S. stock markets have recently staged a comeback as Trump has paused some of the levies. Several L.A.-based toy makers, importers and retailers have been caught in the crossfire of Trump’s trade war, which has also caused a falloff in shipments to the ports of Los Angeles and Long Beach.
As Trump’s aggressive tariffs rattle business owners and shake the foundation of American importing, the men and women who work on the ground at the country’s busiest port are feeling the effects too.
Coming four months after the devastating Los Angeles County fires, the event will feature a Wednesday afternoon panel with L.A. Mayor Karen Bass, “Rising Strong: Los Angeles’ Path to Recovery.” Panel members include Los Angeles County Supervisor Lindsey Horvath and Snap Inc. co-founder and Chief Executive Evan Spiegel.
In separate sessions, Lakers superstar and businessman Magic Johnson will talk about L.A.’s future, and California First Partner Jennifer Siebel Newsom will have a conversation about disaster recovery with celebrity chef José Andrés.
Bessent is not the only Trump administration official attending the conference. Others include Dr. Mehmet Oz, administrator of the Centers for Medicare and Medicaid Services, and Secretary of Education Linda McMahon, who is leading a controversial effort to dismantle the Education Department.
Among the Wall Street notables onstage will be Citigroup Chief Executive Jane Fraser; Henry Kravis and George Roberts, co-founders of private equity pioneer KKR; David Rubenstein, co-founder and co-chairman of Carlyle Group; and hedge fund mogul Bill Ackman, a leading Trump backer who has called for a trade deal with China.
Nvidia Chief Executive Jensen Huang will have a conversation with Milken. The Santa Clara, Calif., company makes chips critical for artificial intelligence computing. Bessent said in his remarks that it is crucial the country lead in artificial intelligence and quantum computing or “everything else doesn’t matter.”
Huang’s panel is one of a number on the topic. On Sunday, during an invite-only session that preceded the conference’s formal kickoff, Elon Musk called the U.S. government inefficient and said artificial intelligence should be used to replace the functions currently done by some public workers, according to a person who attended the session.
Musk, who recently said he was stepping back from his Department of Government Efficiency’s cost-cutting efforts, also spoke about his brain-implant company, Neuralink, and ongoing developments at SpaceX in a conversation with Milken, according to the person.
Last year, Musk also spoke at the conference, but it was a publicly streamed session. Since then, the world’s richest person has been a lightning rod for criticism due to his involvement with DOGE.
Bloomberg News contributed to this report.
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