Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.

Bessent, who has been at the forefront of the Trump administration’s talks with Beijing, told Bloomberg Television on Tuesday: “I tell market participants not to worry about Aug. 12.”

"Well he's an option. And he's very good," Trump said Tuesday, adding: "I do like the job he's done. So in that sense, probably not that much of an option."