The traditional gathering of former Treasury secretaries to welcome a newly minted one into the fold is usually a lighthearted and pleasant affair. But when the group convened this month, on President Trump\u2019s \u201cLiberation Day,\u201d the tone was strikingly serious.<\/p>\n

The dinner, organized by former Treasury Secretary Steven T. Mnuchin, took place at a moment of tumult for the U.S. economy. The president had upended global trade with punishing tariffs on both allies and adversaries, and Treasury Secretary Scott Bessent was at the center of it, defending a policy that many in the room viewed as economic malpractice.<\/p>\n

\u201cThe mood was somber,\u201d said W. Michael Blumenthal, 99, who led the Treasury Department in the Carter administration and was in attendance.<\/p>\n

Mr. Bessent was pressed over the strategy behind the tariffs and the impact that they would have on the economy, according to Mr. Blumenthal and other people familiar with the dinner. At times, Mr. Bessent elevated his voice when his predecessors confronted him about Mr. Trump\u2019s approach.<\/p>\n<\/div>\n