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A Trump advisor stated that he supports the status of the dollar as the world's reserve currency.

TraderKnows
TraderKnows
10-14

Trump's senior economic advisor, Scott Bessent, refuted concerns about Trump weakening the dollar, stating that Trump supports a strong dollar and free trade.

The Financial Times reports that Scott Bessent, a senior economic advisor to former U.S. President Trump and a hedge fund manager, recently stated that if Trump is re-elected, he will continue to support the U.S. dollar's status as the global reserve currency and will not attempt to deliberately weaken it. This statement addresses concerns about Trump's campaign policies potentially harming the international status of the dollar.

Bessent emphasized that Trump "supports a strong dollar and a free market economy" and pointed out that market forces will determine fluctuations in the dollar's exchange rate, rather than human intervention. Although Trump previously called for weakening the dollar to boost U.S. exports, Bessent believes that the future administration will continue to maintain a strong dollar, in line with long-term U.S. policy.

Regarding Trump's proposed policy of imposing high tariffs on imported goods, Bessent stated that this is a negotiation strategy with the ultimate goal of promoting free trade. He further pointed out that Trump is more inclined to use negotiations to gradually ease trade tensions rather than exacerbate them.

Bessent also revealed that if Trump wins the election, he may appoint a new Federal Reserve Chairman but will not interfere with the Fed's independence, alleviating concerns about the politicization of the Fed. JPMorgan Chase economist Michael Feroli noted that even if a Trump administration wanted to weaken the dollar, it might face practical difficulties related to the Fed's independence.

Bessent's comments have attracted widespread attention during Trump's campaign, with the public generally considering him a key candidate for a future Trump administration's economic advisory team.

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