President-elect Donald Trump is nominating Scott Bessnent for his Treasury Secretary. Hedge Fund Manager and founder of Key Square Capital Management. Scott Bessnent worked for George Soros as his chief investment officer. He supported Donald Trump for his election bid and is arguing that the government’s ballooning debt can be brought down by further economic growth fueled by deregulation, investment in infrastructure and energy.
For Secretary of Commerce, President-elect Donald Trump is choosing the Chairman and CEO of Cantor Fitzgerald Howard Lutnick. Cantor Fitzgerald is currently Tether’s main banker and supposedly is holding its Treasury Bills. The move undoubtedly projects a very pro-crypto-currency policy.
President Trump argued in favour of import tariffs and these views have been supported by Scott Bessnent who believes that global finance and trade are moving away from the previous trend of global liberalisation. Bessnent reiterated that he believes in free trade, but China is not trading fairly and freely while reaping the benefits of the West’s openness. He is also in favour of tightening sanctions on Iran In his previous term, President Trump failed to reduce the trade gap with China despite his promises.
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