Evening from Copenhagen.

The everlasting circus of US politics continues, and at this point, it almost seems like Bessent has effectively taken over the presidency—at least when it comes to pushing through the most critical U-turns in Trump’s policy decisions. When we loop back over the major U-turns of the past couple of months, the most influential reversals all appear to have been driven by Bessent (and, to an extent, Lutnick):

• The 90-day pause on reciprocal tariffs is rumored to have happened after Bessent and Lutnick entered the Oval Office without a scheduled meeting—deliberately avoiding Navarro’s presence—to convince Trump to announce the pause.
• It was revealed earlier today that it was Bessent who convinced Trump not to make firing Powell a public intention.
• Bessent is also reportedly behind the push for a softer approach on China tariffs.

If Bessent indeed has the power to pull the brakes on Trump’s increasingly erratic policy train, it raises the obvious question: Is Trump even determining US policy at this point?

The confusion within the administration was on full display again today. Just hours after Bessent delivered a speech that struck a far more diplomatic and cooperative tone—acknowledging concerns from trade partners, US businesses, and other stakeholders—we were immediately back to business as usual. These two headlines, published just minutes apart, sum up the chaos perfectly:

15:36: White House Considers Slashing China Tariffs to De-Escalate Trade War, Sources Say – WSJ
15:39: TRUMP: HASN’T MADE FINAL DECISION ON CHINA TARIFF CUTS: WSJ

What exactly is going on inside the Trump camp? It’s painfully obvious that they are not aligned on the public message, and to add fuel to the fire, Trump is now back attacking Zelensky once again.

Chart 1: Zelensky Under Attack From Trump Again