Donald Trump’s newly appointed Treasury Secretary Scott Bessent told The Wall Street Journal what kind of economic policy can be expected from him.
Stateside Donald Trump’s recent appointment as Minister of Finance Scott Bessent tells In an interview with The Wall Street Journalwhat kind of economic policy the United States will make in the next four years.
Bessent, a respected investment fund professional and connoisseur of economic history, is the most conventional of Trump’s appointments. However, he firmly intends to promote Trump’s economic promises, even if they are not all from the most traditional end.
According to Bessent, the aim is to put the tax cuts of Trump’s first term into effect permanently in Trump’s second term.
Employees are encouraged with several tax breaks: taxes on gratuities, i.e. tips, social benefits and overtime pay are going to be abolished.
Bessent also plans to implement the customs policy towards trade partners promoted by Trump. In addition, Bessent plans to cut government spending and maintain the dollar’s position as the world’s leading reserve currency.
Bessent may act as a balancing factor in Trump’s efforts to push through the very aggressive customs policy he promoted in his election campaign. According to Bessent Trump’s speeches were “sharpened goals that will likely be moderated in negotiations with trading partners.”
Bessent, who taught economic history at Yale University, has financially supported Democrats in the past Hillary Clinton, Al Gore and Barack Obama. He has worked for, among other things, a Hungarian-US currency trader and a major investor George Soros under.
The Senate still has to approve Bessent’s appointment as finance minister.
Source: Reuters