Trump's Treasury Secretary Nominee Bessent to Focus on Tax Cuts and Tariffs

Forex - Scott Bessent, who was chosen by Donald Trump as Treasury Secretary, stated in an interview with the Wall Street Journal that the elected president will focus on delivering on promises of tax cuts and tariffs as soon as he takes office. Bessent noted, without going into detail, that implementing tariffs and reducing spending would also be focal points. According to the report, Trump threatened to impose a 60% tariff on shipments from China. The experienced hedge fund manager also added that he would work to "maintain the status of the dollar as the world's reserve currency." Bessent, who manages the macro hedge fund Key Square Group LP, highlighted that the elected president's agenda, which includes the renewal of some of the 2017 tax cuts set to expire next year and loosening financial regulations, will be crucial for implementation. Bessent's appointment has fueled a rise in currencies worldwide against the dollar as traders decreased bets that Trump's return would cause upheavals in global markets.