bessent

ATLANTA — Treasury Secretary Scott Bessent said Thursday that his department has prepared the design for a $250 bill featuring President Trump, anticipating the passage of stalled legislation in Congress to put the president on a new denomination of legal tender.

Bessent said at the White House that authorizing the currency will be up to lawmakers on Capitol Hill, but that “we’ve created the bill” because “we have to be prepared.”

The secretary downplayed the idea that the administration is pushing the matter, despite Trump’s penchant for infusing his name and likeness across the nation’s capital and into the observances of the 250th anniversary of the Declaration of Independence. Bessent also insisted there is nothing inappropriate about Trump’s visage being part of the seminal national celebration.

“The president doesn’t do it; the House and the Senate have to do it,” Bessent said at the White House, referring to legislation, introduced by Rep. Joe Wilson (R-S.C.), that would direct the Treasury Department’s Bureau of Engraving and Printing to put Trump’s face on the new bill to mark the 250th anniversary of the nation’s founding.

A Treasury Department spokeswoman said the agency carried out “appropriate planning and due diligence” to implement a potential congressional mandate “to produce a $250 commemorative note which will appropriately recognize the 250th Anniversary of our great nation.” The spokeswoman did not mention Trump.

If passed and signed into law by Trump, Wilson’s bill would mark an extraordinary recognition for a sitting U.S. leader and comes as Trump has sought to place himself at the center of Independence Day commemorations. The Department’s preparation for the languishing legislation suggests some enthusiasm for the idea on the part of the Trump administration.

Report: Trump ally has pushed to expedite new currency

The agency’s explanation follows a Washington Post report stating that U.S. Treasurer Brandon Beach, a Trump appointee, has been pushing the Bureau of Engraving and Printing to expedite the process for a new currency note. The paper also reported that the former BEP chief, Patricia Solimene, was reassigned after pushing back.

The Treasury spokesperson declined to comment on Solimene’s status but confirmed that Michael Brown, a top Beach aide, became acting director of engraving and printing May 18.

Beach did not respond to an Associated Press request for comment.

Wilson’s legislation, which so far has languished in Congress, is intended to create an exception to existing law that bars any living person from appearing on U.S. currency; the bill would allow current and former presidents to be featured.

Bessent confirmed the measure is designed for one person.

“Donald J. Trump,” he said emphatically, repeating the full name that the president himself often uses in the third person.

According to the Post report, Beach last fall provided the Bureau of Engraving and Printing with the design for the new bill. It featured Trump’s portrait — the same one that adorns banners hanging on some federal buildings in Washington — and a 250th anniversary logo. Trump’s signature also was included, a design element that would differ from other paper money.

British artist Iain Alexander told the Post he designed the bill and said he’d discussed it with the president. Alexander did not respond to an AP request for comment.

The newspaper also reported that Solimene resisted pressure from Beach and Brown and stressed to them the lengthy legal and procedural process required to issue new currency. Solimene was reassigned against her will, the Post reported, paving the way for Brown to oversee the bureau.

Trump has aggressively spread his name and likeness

A new currency note would be the latest example of Trump expanding his personal brand in his official capacity since returning to the White House last year.

Beach and Bessent already streamlined approval of a commemorative 250th anniversary coin featuring Trump. The Treasury Department has asserted that those special coins fall outside the prohibition on living presidents appearing on money. In 1926, the nation’s 150th anniversary, then-President Calvin Coolidge appeared on a commemorative half-dollar coin that was official legal tender.

The Trump administration has had banners featuring his portrait hung on the Department of Justice and other federal buildings. And his slate of appointees to the Kennedy Center governing board added his name to the national performing arts facility that Congress originally designated as a memorial to assassinated President John F. Kennedy. That renaming is being challenged in court because of the federal law establishing the center as the official memorial to the 35th president.

Bessent noted that unless Wilson’s exception passes, current law sets just two conditions for him to consider on currency: that “In God We Trust” is printed somewhere on it, and that only deceased individuals be depicted, with their names described below their portraits.

“It’s all up to Capitol Hill,” Bessent said. “We will stick to the law.”

Barrow writes for the Associated Press.

President Lee Jae Myung on Wednesday held back-to-back talks with U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, and reaffirmed their commitment to cooperation amid global challenges, his office said.

Lee said during his meeting with Bessent at Cheong Wa Dae that South Korea and the United States should further strengthen economic cooperation through close communication so that they can continue the “positive trend” of both countries maintaining stable economies despite increased global uncertainties, according to his spokesperson Kang Yu-jung.

Lee also called for further developing bilateral cooperation in the economic and technological sectors, especially in terms of critical minerals, supply chains and foreign exchange markets, the spokesperson told a press briefing.

While concurring with Lee’s remarks, Bessent credited his leadership for South Korea’s growth and stock market performance under difficult circumstances, such as the Middle East war, she said.

Lee held talks with He earlier in the day and asked him to play an active role in expanding cooperation between South Korea and China in diverse sectors, including the economy, industry, trade and culture.

The vice premier responded that he is pleased the two countries’ bilateral trade increased further this year and conveyed Chinese President Xi Jinping‘s greetings.

Lee recalled his meeting with Xi in January and asked that the vice premier also convey his sincerest greetings, the spokesperson said.

The back-to-back talks came as Bessent and He were in Seoul to coordinate the agenda of Thursday’s high-stakes summit between U.S. President Donald Trump and Xi in Beijing.

Following their meetings with Lee, the two officials met behind closed doors at a VIP lounge at Incheon International Airport, west of Seoul.

The talks were held under tight security, with all access points to the lounge closed, including to the press.

Bessent will later head to Beijing to join Trump on his two-day visit to the country.

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WASHINGTON — If the U.S. and Iran aren’t able to soon come to a deal to end the war or extend the ceasefire that expires next week, the Trump administration is setting the stage to shift its war campaign toward a more economic-focused effort aimed at choking Tehran into submission rather than relying on bombs alone.

Treasury Secretary Scott Bessent told reporters at a White House briefing Wednesday that the U.S. plans to ramp up economic pain on Iran, and said the new moves will be the “financial equivalent” of a bombing campaign.

The threat of secondary economic sanctions on countries doing business with people, firms, and ships under Iranian control — including allies like the United Arab Emirates and competitors like China — represents an escalation of sanctions that the U.S. is already employing.

Bessent said the administration has “told companies, we have told countries that if you are buying Iranian oil, that if Iranian money is sitting in your banks, we are now willing to apply secondary sanctions, which is a very stern measure. And the Iranians should know that this is going to be the financial equivalent of what we saw in the kinetic activities.”

Treasury Department warns China, Hong Kong, the UAE and Oman

The warning comes the day after the Treasury Department sent a letter to financial institutions in China, Hong Kong, the UAE, and Oman, threatening to levy secondary sanctions for doing business with Iran, and accusing those countries of allowing Iranian illicit activities to flow through their financial institutions.

It’s part of an economic playbook that President Trump still can use to pressure Iran to accept U.S. proposals to limit its nuclear ambitions, a person familiar with the administration’s thinking told the Associated Press. The person spoke on the condition of anonymity because they were not authorized to discuss private discussions on the record.

Privately, the argument being made to Trump is that the Iranians think they can weather the storm — but if they cannot pay their loyalists, that could pressure Iran to the table.

And some in the administration believe there are still more economic targets that can be hit that would put the economic hurt on Iran, including bonyads, the charitable trusts that account for a significant percentage of the Iranian economy.

Bessent told reporters that two Chinese banks have received warnings about handling Iranian money. Trump is preparing to visit Beijing next month for talks with Chinese President Xi Jinping.

Bessent also said that Iran’s Gulf neighbors are now willing to look at freezing Iranian money in their banks because of Iran’s aggression during the war.

Daniel Pickard, a sanctions attorney, said imposing secondary sanctions could result in “diplomatic and economic blowback” from allies that could hurt efforts to build coalitions against Tehran.

“A lot of our trading partners have been outspoken in regard to their opposition to the conflict in Iran,” Pickard said. “Most economic sanctions professionals would agree that when you get more people on the team, the chances of your economic sanctions being effective are greater.”

On Wednesday, the U.S. imposed sanctions on an oil smuggling network connected to the deceased senior Iranian security official Ali Shamkhani, who was a close advisor to the former Supreme Leader of Iran. Sanctions include dozens of individuals, companies, and vessels involved in secretly transporting and selling Iranian and Russian oil through front companies, many of which are in the UAE.

“Treasury will continue to cut off Iran’s illicit smuggling and terror proxy networks,” Bessent said in a statement. “Financial institutions should be on notice that Treasury will leverage all tools and authorities, including secondary sanctions, against those that continue to support Tehran’s terrorist activities.

The administration believes the momentum has shifted

Trump administration officials have also signaled growing confidence that the ceasefire and a blockade of shipments from Iranian ports in the Strait of Hormuz have shifted momentum in Trump’s favor.

Iran has endured tens of billions of dollars in damage during the bombardment to the country’s infrastructure — including setbacks to its oil industry, the heart of its fragile and long-isolated economy — that could take years to repair.

Vice President JD Vance on Tuesday said Trump “doesn’t want to make, like, a small deal. He wants to make the grand bargain.”

“That’s the trade that he’s offering,” Vance said. “If you guys commit to not having a nuclear weapon, we are going to make Iran thrive.”

The president’s deputy chief of staff, Stephen Miller, offered a more caustic assessment of the moment, suggesting that Trump had “played the checkmate move” on Iran by implementing the blockage in the strait.

“If Iran chooses the path of a deal that’s great for the world, that’s great for everybody. If Iran chooses the path of economic strangulation by blockade, then the world will pass Iran by,” Miller said in a Fox News appearance Tuesday evening. “New energy routes will be established. New supply chains will be established. Other nations throughout the region — throughout the world, and especially America — will power the world and Iran will become a footnote.”

Some Republicans are skeptical that more sanctions will work

Some Republicans believe that any tactic to exert more pressure on Tehran is worth trying.

“I would support anything,” said Sen. Thom Tillis (R-N.C.). “If the administration came up with the ideas, I would support all of the above. More pressure, the better.”

Others were skeptical, noting that Tehran was already facing a litany of economic penalties that had little impact on its behavior.

“I’m not sure if it’s sanctions that’ll do it. I think we’re putting some pretty heavy sanctions on right now,” said Sen. Mike Rounds (R-S.D.), a member of the Banking and Armed Services Committees. “I personally am just not optimistic that we actually can fix this thing without a regime change.”

Trita Parsi, executive vice president of the Quincy Institute, a think tank that has been critical of Trump’s decision to launch the war, says that Trump had been “politically cornered and strategically constrained” before he announced the ceasefire. But now, Parsi argues, Trump may have altered the difficult dynamic and created a situation where “Iran now appears to need an agreement more than the United States does.”

“The window now open offers Tehran a chance to convert battlefield leverage into lasting strategic gain,” Parsi wrote in a new analysis. “To let it close would mean forfeiting not just incremental progress, but the possibility of reshaping its economic and geopolitical position. By contrast, the United States, having already secured a tenuous exit ramp through the ceasefire, has less at stake in the short term.”

Hussein, Madhani, Weissert and Kim write for the Associated Press.