Scott Bessent, said that Trump would not weaken dollars.

Top economic adviser of Donald Trump dismissed fears that the former President would weaken or cut trade, if reelected. He insists he wants to keep the US as the world’s currency reserve and uses tariffs to negotiate.

Scott Bessent is a 62 year old hedge fund manager, who has made a fortune betting on the British pound and Japanese yen for liberal philanthropist George Soros. His comments are important because he’s emerged in recent years as a leading Trump advisor on finance and the economy.

Bessent served in the Trump Administration between 2017 and 2021 but has donated more than $2mn for his campaign in 2024. He co-hosted fundraisers in America and London. Bessent is often mentioned as a potential Treasury Secretary if Trump wins the White House back.

Trump, and his running mate JDVance both called for a weakening of the dollar in order to boost American exports. This is despite the costs to American consumers who buy foreign goods.

Bessent stated that he expects a new Trump administration will support a strong US dollar, in line with US policies over the past decades, and not try to deliberately devalue it.

Bessent stated that Trump “stands with the US as reserve currency”.

The reserve currency is subject to market fluctuations. I think that if your economic policies are good, it’s natural to have a stronger dollar.”

Bessent, while cautioning that he was not speaking for Trump, defended the pledge of the former president to impose tariffs across-the board up to 20% on all goods. He said that these were “maximalist positions” which would likely be watered-down in negotiations with trading partners.

Bessent said, “My general opinion is that he’s just a free-trader at the end.” “It’s escalate to de-escalate.”

He said that Trump would nominate a new Federal Reserve chair — the current chairman Jay Powell’s tenure ends in 2026 — and would not interfere with their independence. There are concerns about the former president’s ability to politicise central bank if elected for a second time.

Bessent said that “He will make his views heard.” “I think that what makes Trump different is that he is a businessman – and he knows economics.”

Bessent, who is from South Carolina, founded the global macro-investment firm Key Square Group with $2bn in seed money provided by Soros.

He is now one of Trump’s most trusted economic advisors. During his speech to the New York Economic Club in September, the Republican nominee praised him. In February, he appeared with Kevin Hassett, former chair of Trump’s council of economic advisors, at the Conservative Political Action Conference. In addition, he appeared alongside Stephen Moore, Trump’s appointee for the Fed board, who was not confirmed by the Senate, during a economic summit at the Republican National Convention in the summer.

Bessent was the London manager of Soros Fund Management in the 1990s. He helped create a wager against the British Pound that yielded more than $1bn profit. He worked from 2011 to 2015 as chief investment officer in Soros’s Family Office, where he made another windfall by betting against the Japaneseyen.

Bessent claimed that he did not face any criticism from Republicans because he worked for liberal Soros.

George is a very good analyst who can understand how complex systems accelerate or breakdown. “I think I’m good at that too,” Bessent said. “Unfortunately, Bessent has taken this to the political arena.”

Bessent described himself as a “bridge” between the traditional conservatism and nationalist conservatism that were at odds on foreign trade, among other issues.

He said: “I am quite concerned that it is our last chance to grow out of this debt, and not become an over-regulated, excessively-indebted European economy.”

“I believe that we are currently in the middle of a reordering of international trade and relations, and I would like to be part of it, either inside or outside.”

Bessent is a formidable candidate for a Senate confirmed position. He called Democratic nominee Kamala Harriman “economically illiterate”, and her running mate Tim Walz, “twice the illiterate”.

He defended Trump’s economic plans following a recent report that suggested the former president’s pledges would double the national debt compared to Harris. The author of the study, the nonpartisan Committee for a Responsible Federal Budget (CRFB), called the modeling by the Committee for a Responsible Federal Budget “terrible”. He also said that the CRFB failed to fully take into account how tax cuts will help growth.

Bessent also attacked studies that showed Trump’s plans — including tariffs and tax cuts, as well as deregulation and deportation – would increase consumer prices. He noted the price spikes under Joe Biden.

He said: “It is insanity – this idea that Trump will cause inflation is absurd.” Biden-Harris was responsible for the worst inflation we’ve seen in 40 years. She is talking inflationary talk, but there will be some equanimity in inflation under her.

Bessent said that Trump could reduce spending by dismantling Biden’s The Inflation Reduction Act which he referred to as “the Doomsday Machine for the Deficit”. He also suggested that the federal government should give the states more control over Medicaid, the US government’s health program for low-income families. This was expanded by the Affordable Care act. This could lead to cuts.

He dismissed the benefits of closing what he called the carried interest loophole which allows investment managers pay a lower capital gains rate on their profits instead of the higher personal income taxes.

Bessent said, “It isn’t much money.” “I find these symbols ridiculous.”

The billionaire investor stated that he believes that “one the greatest things” Trump has done is to make the GOP the “party of working-class individuals”.