Treasury Secretary Scott Bessent attended the Milken Institute Global Conference held in Los Angeles, California, delivering a clear message: Donald Trump is committed to tariffs, signaling a prime time to invest in the United States.
Before his address at the conference, Bessent was present at a private reception put together by Presidential envoy for Special Missions Richard Grenell on Sunday at the Peninsula Hotel in Beverly Hills.
The treasury secretary addressed the select group, offering a preview of his upcoming speech to roughly 150 attendees, which included notable political and economic figures.
FCC Chair Brendan Carr, Former Treasury Secretary Steven Mnuchin, and Exchange Commissioner Mark Uyeda were present for the reception as well as financial titans Citigroup CEO Jane Fraser, Pershing Square Capital Founder Bill Ackman, Starwood Capital Group Chair Barry Sternlicht, and Bank of New York Mellon CEO Robin Vince.
President of Paraguay Santiago Pena was also present as well as Congressmen Darrell Issa and Abe Hamadeh.
‘It was incredible.’ Grenell told the Daily Mail in an interview about the event. ‘I realized that there was really an opportunity to showcase what is happening in America by showcasing people getting comfortable with the idea of America first.’
He said that some Silicon Valley tech investors were already widely supportive of Trump’s efforts and Wall Street bankers were getting on board.
The event took place at the same time as a reception hosted by Citadel hedge fund manager Ken Griffin that was across the street.
Sources familiar with Griffin’s relationship with the White House told Daily Mail he is growing frustrated that no one is answering his calls and has become a bit of a punchline in the West Wing.
US Secretary of the Treasury Scott Bessent and Michael Milken (L) speak at the 28th annual Milken Institute Global Conference
U.S. Treasury Secretary Scott Bessent attends the Milken Institute Global Conference 2025 in Beverly Hills, California.
‘It’s no surprise that Ken Griffin isn’t getting his phone calls returned,’ Caroline Wren, a longtime fundraiser for Trump told the Daily Mail. ’Ken Griffin has repeatedly and publicly criticized the America First policies that President Trump is enacting, and then privately complains about a lack of access to Trump. You can’t have it both ways.’
It’s not a surprise, as Griffin remains a vocal critic of Trump.
At a World Economy Summit in Washington, DC, last month, Griffin complained that Trump was moving too fast and risking the American ‘brand.’
‘It can be a lifetime to repair the damage that has been done,’ he said.
For weeks, Bessent has been quietly trying to reassure investors after the president announced a 90 day pause on global tariffs for every country except China. But at the same time, he is warning financial elites that Trump is serious about bringing manufacturing, production, and high-paying jobs back to the United States.
Despite the handwringing and stress from global investors in the conference audience, Bessent warned critics they were underestimating the president.
‘He proved them wrong in his first term and he’s proving them wrong today,’ Bessent said.
He explained calmly that the administration was ‘preparing the soil’ for an economic boom in the United States and ‘planting the seeds,’ urging companies to invest more in America.
‘Next we harvest and we want you to harvest with us,’ he said. ‘Hire your workers here, build your factories here, make your products here, you’ll be glad you did.’
Ric Grenell, special presidential envoy for special missions of the United States organized the reception which coincided with one hosted by Trump critic Ken Griffin
US Secretary of the Treasury Scott Bessent speaks at the 28th annual Milken Institute conference
The appearance of Trump officials at the swanky conferences and receptions for elites can be problematic politically, if they give any sign of downplaying the president’s agenda to make wealthy investors happy.
But former White House chief strategist Steve Bannon praised Bessent’s appearance as ‘epic.’
‘Bessent delivered the message. Trump is not backing off,’ he said. ‘He is requiring global commercial relationships to favor America and American workers and they jumped onboard.’
The message was well received, Grenell said, praising Bessent’s impact in the room.
‘I think Scott is very calm, smart, judicious,’ Grenell said.
The Wall Street investors who support the existing political system, Grenell said, are very used to getting what they want for short term gain, but Bessent and is urging them to think bigger and more longterm.
‘We have to be making things again and that requires a change in the current paradigm,’ Grenell said.
