Bessent defends Trump economic policies, reveals plans to meet Chinese official
WASHINGTON: US Treasury Secretary Scott Bessent defended a range of Trump administration economic policies before lawmakers on Tuesday, from currency and bond market interventions to AI safety, disclosing plans to meet with his Chinese counterpart this weekend.
US Treasury Secretary Scott Bessent defended various economic policies from the Trump administration during a hearing on Tuesday, including currency and bond market interventions, AI safety, and plans to meet with his Chinese counterpart. The hearing, nominally focused on international finance system reforms, saw Bessent address lawmakers' questions on financial markets, the economy, and the administration's measures against Iran.
Protesters called for an end to sanctions on Iran and the war, which forced Bessent to pause and restart his opening statement. Bessent attributed rising bond yields to global issues, such as higher oil prices and expectations of a Federal Reserve rate hike, and defended the Treasury's bond buybacks, stating they kept yields from rising further and underscored US credibility.
He also highlighted the success of US bond market performance under Trump, attributing it to the administration's policies and the Trump administration's stronger yen, which benefits American exports.
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