Scott Bessent told US senators that he would deploy America’s economic power against geopolitical foes as he defended Donald Trump’s tariff threats and pushed for tax cuts and looser regulations at home.
The billionaire hedge fund boss, who has been nominated by Trump to be the next US Treasury secretary, on Thursday revealed his most detailed plans on how the incoming administration will seek to reshape the world’s largest economy.
“We must secure supply chains that are vulnerable to strategic competitors, and we must carefully deploy sanctions as part of a whole-of-government approach to address our national security requirements. And critically, we must ensure that the US dollar remains the world’s reserve currency,” Bessent said in a heated three-hour confirmation hearing.