Bessent's Vision: A New Economic Golden Age

Scott Bessent, selected as Treasury Secretary, aims to maintain the U.S. dollar's status as the global reserve currency while advocating for investment over wasteful spending. He supports Trump's proposed tariffs to protect industries and stresses the importance of extending the 2017 tax cuts to prevent a historic tax hike.

Scott Bessent, poised to lead the U.S. Treasury under President-elect Trump, committed to ensuring the dollar remains the world's reserve currency. His vision includes fostering productive investment over wasteful expenditure to propel the economy into a 'new economic golden age'. He shared these thoughts ahead of his Senate Finance Committee hearing.

In prepared remarks, Bessent emphasized safeguarding supply chains against strategic competitors and utilizing sanctions strategically. Maintaining the dollar's reserve status was a key point in his outlined strategy, vital to national security interests.

As a hedge fund manager, Bessent supports Trump's high tariff plans on imports and criticizes China's trade practices. Bessent stressed the importance of making Trump's 2017 Tax Cuts permanent to avoid a $4 trillion tax increase, advocating for tax reductions to bolster American industries, service workers, and seniors.

(With inputs from agencies.)