Treasury Secretary Scott Bessent appears for an interview with Axios co-founder Mike Allen. The wide-ranging conversation covered the U.S. economy, the war in Iran and the Trump administration’s approach to AI.

Secretary Bessent responds to Americans’ frustration with the cost of living; explains why he doesn’t think the AI boom is a repeat of the dot-com bubble and argues that AI leaders warning about losing control should slow down. Bessent also discusses possible U.S-China cooperation on AI risks, Treasury’s economic pressure campaign against Iran, the bond market, Trump Accounts and his clashes inside the administration.  WATCH:

Chapters:

0:00 – Cold open
0:24 – Inside Treasury’s Cash Room
1:38 – Unpacking why Americans still feel squeezed
5:21 – Bessent’s economic campaign against Iran
7:35 – Is AI in a bubble?

9:44 – AI risks and the race with China
13:31 – Preparing for an AI shock
15:13 – How far Washington could go regulating AI
19:08 – Will AI create more jobs?
21:15 – “I am the house”: Bessent vs. the bond market
24:15 – When Treasury intervenes in markets
25:35 – Kevin Warsh and the Federal Reserve
28:25 – How a hedge fund manager became a MAGA favorite
30:32 – Running Treasury like a business
32:50 – The case for Trump Accounts
36:02 – “Fired if fired upon”
37:46 – Bessent’s childhood and economic insecurity
40:15 – Being gay and building a Wall Street career
41:44 – His repaired relationship with Elon Musk