![Treasury Secretary Scott Bessent speaks at a Trump Accounts Tour event in California on May 29. On Saturday, Bessent doubled down on three non-negotiable conditions for ending the war with Iran: keeping the Strait of Hormuz open, securing highly enriched uranium, and barring Iran from possessing nuclear weapons. [AFP]](https://wimg.heraldcorp.com/news/cms/2026/06/01/news-p.v1.20260601.b988d766d0bd4e5f92f207ddc94cb4ff_P1.jpg)
Treasury Secretary Scott Bessent doubled down Saturday on three conditions the United States considers non-negotiable in negotiations to end the war with Iran: keeping the Strait of Hormuz open, securing highly enriched uranium, and barring Iran from possessing nuclear weapons.
Speaking on Fox News that day, Bessent said "finishing the job" means ensuring the Strait of Hormuz remains open, that the United States secures Iran's highly enriched uranium and that Iran does not acquire nuclear weapons. He also said it was the first time in 47 years that Iran had engaged in talks aimed at forgoing nuclear weapons — a framing that echoes President Donald Trump's longstanding claim that the Barack Obama administration's Joint Comprehensive Plan of Action, or JCPOA, had in fact paved the way for Iran to eventually obtain them.
Bessent called the subject "previously taboo" but said Trump had brought it to the negotiating table for the first time. He credited "economic pressure on Iran's finances and a physical blockade of vessels entering and leaving Iranian ports" with compelling Tehran to come to the table.
He said Iran had made a "major mistake" by attacking neighboring Gulf states early in the war, and noted that Gulf allies who had not fully cooperated with the United States on Iran's finances were now working with Washington to freeze the Iranian regime's accounts and apply broader economic pressure.
On inflation triggered by the conflict, Bessent said it stemmed from "a supply shock and rising energy prices" and described it as "a very temporary phenomenon." He acknowledged that "the current situation is unstable and causing inconvenience for people," but said the United States would work through it and that oil market supply would become "very ample." The assertion that war-driven energy costs and inflation are temporary is consistent with the Trump administration's broader messaging.
Bessent's remarks came after reports emerged Friday that Trump had called for additional concessions from Iran before giving final approval to a draft memorandum of understanding to end the war. Trump had convened a White House meeting to discuss approving the MOU, prompting speculation that an announcement was imminent, but he left without reaching a decision. US media outlets subsequently reported that Trump had called for further concessions from Iran.
On tariff policy, Bessent said US Trade Representative Jamieson Greer is conducting a probe under Section 301 of the Trade Act, and that if it concludes successfully, Section 301 tariff measures will be recalibrated to align with the terms of trade agreements reached with individual countries. The Trump administration currently imposes a 10 percent global tariff introduced on a temporary basis under Section 122 of the Trade Act, following the Supreme Court's February ruling striking down the reciprocal tariffs; Section 122 allows such tariffs to be levied for a maximum of 150 days. That authority expires in late July, and analysts expect the administration to wrap up the Section 301 investigation around that time and introduce new tariff measures.
On the recently controversial proposal to issue a $250 bill bearing Trump's portrait, Bessent said Trump is "the sitting president marking the nation's 250th anniversary" and called it "a great bill to commemorate a great president."
Legislation authorizing the $250 bill is pending in the House. Under current US law, only portraits of deceased individuals may appear on currency, meaning the law would need to be amended before a bill bearing Trump's likeness could be issued.
kate01@heraldcorp.com
