What I do want to say is, same thing that I said after Liberation Day on April 2nd,

everyone take a deep breath, do not escalate, do not escalate, and President Trump has a

strategy here, hear him out, and then everything will be fine.

United States Treasury Secretary Scott Besant at the World Economic Forum in Davos,

Switzerland.

His message to pretty much everyone, as President Trump's tariff agenda takes center stage at the annual meeting.

Plus, the much-awaited decision, President Trump's pick for the next federal reserve chair.

My guess is that the president will reach a decision maybe as soon as next week.

The president's interest in implementing a cap for credit card interest rates and standing up to the

world's largest defense contractors. In terms of the defense crimes, look, these are no different

than systemically important banks. They exist at the pleasure of the United States of America.

They exist to serve our national defense, and they have failed.

They have failed.

I'm CNBC producer Cameron Costa.

SquackPod reports from Davos, 2026, U.S. Treasury Secretary Scott Bessent, begins right now.

... right now. While at the World Economic Forum in Davos, our team broadcasts squawk box, of course,

for three full hours every day.

But they also catch up on and off camera with some of the world's most influential

decision makers. Financeers, technologists, politicians, economists all convene in the Alps

for a few days to swap ideas about what's working and what isn't in today's world. Sometimes, as is the

case with heads of state in particular,

presence in Davos is about, well, just that.

...