Trump's Treasury Secretary Nominee Bessent: Focused on Tax Cuts and Customs Tariffs

Forex - Scott Bessent, selected by Donald Trump as his Treasury Secretary, stated in an interview with the Wall Street Journal that the elected president will focus on delivering promises of tax cuts and tariffs as soon as he takes office. While Bessent did not provide specifics, he mentioned that implementing tariffs and reducing spending will also be key areas of focus. According to the report, Trump has threatened to impose a 60% tariff on shipments from China. The experienced hedge fund manager also added that he will work to maintain "the status of the dollar as the world's reserve currency." Bessent, who runs macro hedge fund Key Square Group LP, noted that Trump's agenda, which includes renewing some of the 2017 tax cuts that will expire next year and easing financial regulations, will be crucial for implementation. Bessent's selection has spurred a rise in currencies worldwide against the dollar, as traders reduced bets that Trump's return would lead to turmoil in global markets.