President Trump and left-wing billionaire financier George Soros have more in common than previous thought, according to someone who has worked for both men.
Treasury Secretary Scott Bessent told an exclusive audience of billionaires at the annual Allen & Co. conference in Sun Valley, Idaho, this week that both men share a common personality trait: impatience when navigating high-stakes negotiations.
People in the room told Bloomberg News on condition of anonymity due to the closed-door nature of the event that Bessent made the comparison after being asked by the moderator to reflect on his time working for both Soros and Trump.
The conference, often referred to as the “summer camp for billionaires,” is off-limits to journalists and the public.
Bessent told the crowd that Trump and Soros are alike in their temperament, demands and impatience, particularly when implementing decisions after identifying problems and solutions.
The secretary, who began his association with Soros in 1991 when he joined Soros Fund Management shortly after graduating from Yale University, noted that he often advises the president to be patient as they navigate the rollout of trade announcements.
Despite Trump’s impatience, Bessent credited the president with a sharp instinct for identifying problems and devising effective responses.
He also downplayed concerns that the administration’s aggressive tariff policy was contributing to inflation and predicted two interest rate cuts by the end of the year. Bessent told the group that long-term borrowing costs would likely return to pre-pandemic levels.
He noted that investors are currently pricing in one and a half cuts this year due to strong economic data, according to one attendee.
A spokesperson for the Treasury Department and the White House were not immediately available to comment. The Post has sought comment from Soros.
Before being appointed Treasury secretary under Trump, Bessent worked twice at Soros Fund Management, eventually rising to the role of chief investment officer before launching his own hedge fund.
He quickly advanced within the firm, eventually becoming the head of SFM’s London office. In that role, Bessent played a pivotal part in executing one of the firm’s most famous trades: the 1992 “Black Wednesday” bet against the British pound.
This trade netted Soros’s fund more than $1 billion and helped establish Bessent’s reputation as a talented macro investor.
He is frequently described as a protégé of Soros, having learned directly from the financier and made significant contributions to SFM’s investment strategies.
In 2015, after leaving Soros Fund Management, Bessent founded his own hedge fund, Key Square Group. He launched the fund with a substantial $2 billion anchor investment from Soros.
The financial backing underscored the continued strength of their relationship. Although Soros’s capital remained in the fund for several years, it was eventually withdrawn in 2018 as Key Square diversified its investor base.
Soros, through his Open Society Foundations, has spent over $32 billion advancing left-wing causes around the world. In the US, he’s backed radical criminal justice reforms, including soft-on-crime prosecutors, bail elimination and drug decriminalization.
Soros, who at age 94 has largely receded from public life and has handed the reins of his empire to his son, Alex, is one of the Democratic Party’s biggest donors, funneling hundreds of millions into liberal Super PACs and candidates like Barack Obama, Hillary Clinton and Joe Biden.
He also funded efforts to oppose Trump and other conservatives. In the 2022 midterms alone, Soros was the single largest political donor, contributing over $125 million to left-wing political groups and campaigns.
Bessent has taken on an unusually prominent role for a Treasury chief, serving as the lead negotiator in ongoing trade talks with China, Japan and other Asian countries.
He is scheduled to visit Japan next week, although the Treasury Department has stated that trade will not be a topic of discussion.
Meetings with Chinese officials and Indonesia’s coordinating minister for economic affairs are also expected to take place soon.
During his remarks in Sun Valley, Bessent pushed back against critics who claim Trump often escalates trade conflicts only to back down.
He dismissed the label “TACO trade,” a term coined by a Financial Times columnist meaning “Trump Always Chickens Out.”
Instead, Bessent characterized Trump’s approach as more aggressive and likened it to the acronym “FAFO,” which stands for “F— Around and Find Out,” a phrase popular on social media.
