Bessent at Treasury May Give China Breathing Room Over Tariffs
Posted on 11/25/2024
Scott Bessent called for gradual tariffs in earlier interviews
The hedge fund executive may scrutinize dollar-yuan rates
President-elect Donald Trump ’s pick of Scott Bessent as Treasury secretary may give Beijing room to negotiate with the US over their trade tensions, in part due to his moderate stance on tariffs.
Bessent, who runs macro hedge fund Key Square Group and was nominated on Friday, has described Trump’s threats of steep levies on Chinese imports as a “maximalist negotiating position.” He has urged a phased approach to implementation, calling for tariffs to be “layered in gradually” in an interview with CNBC earlier this month.
The hedge fund executive may scrutinize dollar-yuan rates
President-elect Donald Trump ’s pick of Scott Bessent as Treasury secretary may give Beijing room to negotiate with the US over their trade tensions, in part due to his moderate stance on tariffs.
Bessent, who runs macro hedge fund Key Square Group and was nominated on Friday, has described Trump’s threats of steep levies on Chinese imports as a “maximalist negotiating position.” He has urged a phased approach to implementation, calling for tariffs to be “layered in gradually” in an interview with CNBC earlier this month.
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