Bessent's Bold Economic Blueprint: Sanctions, Tariffs, and Tax Reforms

Scott Bessent, nominated by President-elect Donald Trump for Treasury Secretary, advocates maintaining the dollar's status, tougher Russian sanctions, extending Trump's tax cuts, and Fed independence. Bessent also supports tariffs to curb unfair trade, seeks tax system reforms, and promises no U.S. debt defaults under his tenure.

President-elect Donald Trump's nomination for Treasury Secretary, Scott Bessent, laid out his vision for the U.S. economy during a Senate Finance Committee hearing. Emphasizing the need to extend Trump's 2017 tax cuts, Bessent warned of a 'gigantic middle class tax increase' if they expire.

Pledging to maintain the dollar's status and ensure Fed independence, Bessent also supports imposing tougher sanctions on Russia's oil sector. Advocating for steep tariffs, he argues these measures will address unfair trade practices and bolster U.S. negotiating power.

Bessent, poised to become the first openly gay Republican cabinet member, faces criticism for past tax loophole use. He remains committed to reforms, including increased U.S. oil production, while advocating a cautious approach to federal debt and potential sovereign wealth fund creation.

(With inputs from agencies.)