A recent dinner gathering of former U.S. Treasury secretaries took on a serious tone, reflecting the current economic challenges facing the country. Held on President Trump’s "Liberation Day," the event was organized by former Treasury Secretary Steven T. Mnuchin. It took place during a tumultuous period marked by significant changes in U.S. trade policy, particularly due to the tariffs imposed by President Trump on various nations.
Attendees included notable figures such as Robert E. Rubin, Henry M. Paulson, Lawrence H. Summers, Timothy F. Geithner, and Jack Lew. Former Secretary Janet L. Yellen was unable to attend as she was traveling in Australia. The mood at the dinner was described as somber by W. Michael Blumenthal, who served as Treasury Secretary under President Carter. He noted that the gathering, typically lighthearted, was overshadowed by serious discussions about the economy.
Treasury Secretary Scott Bessent found himself in the spotlight, defending the administration’s tariff policies. Many former secretaries expressed their concerns, viewing the tariffs as detrimental to the economy. According to Blumenthal and others present, Bessent had to raise his voice at times while responding to the criticisms from his predecessors. Blumenthal remarked on the unusual nature of the evening, saying, “He didn’t just smile. There he is — he has to defend it.”
The dinner highlighted the divide between current and former Treasury officials regarding economic strategies. The Treasury Department declined to comment on the event, and Bessent also chose not to speak to the press about the dinner. The gathering not only welcomed a new Treasury Secretary but also served as a platform for serious discussions about the future of U.S. economic policy amidst ongoing global trade tensions.