Trump nominates billionaire Scott Beeson as Treasury Secretary, markets respond positively.

On November 22,Today's latest foreign exchange price U.S. President-elect Donald Trump announced the nomination of billionaire and Key Square Group founder Scott Bessent as Treasury Secretary in the new administration. The 62-year-old Bessent previously served as Chief Investment Officer at George Soros's fund management company and has extensive experience in macroeconomic and geopolitical investments.

In a statement, Trump described Bessent as "one of the world’s top international investors and geopolitical and economic strategists," hailing him as a staunch supporter of the "America First" agenda. Bessent's nomination will be subject to a confirmation vote in the Republican-controlled Senate early next January.

Bessent's economic proposals include boosting U.S. economic growth through deregulation, phased tariffs, and corporate tax cuts, all while keeping the budget deficit within 3% of GDP. He also advocates reviving American manufacturing, achieving energy independence, and supporting the U.S. dollar's status as the world's reserve currency.

The market reacted positively to Bessent's nomination. The recent upward trend of the dollar eased, with the dollar index falling below 107. Meanwhile, gold prices hit a two-and-a-half-week high, reaching $2,721.21 per ounce. Analysts believe Bessent is respected on Wall Street, supports tax reform and deregulation, and might lower the likelihood of stringent tariffs, potentially stabilizing the economy and market.

Bessent's nomination has also sparked discussions about future economic policies. He has suggested Trump adopt a "3-3-3" policy, which includes reducing the budget deficit to 3% of GDP by 2028, boosting GDP growth to 3% through deregulation, and increasing oil output by 3 million barrels per day. If implemented, these policies could positively impact U.S. economic growth and energy independence.

However, Bessent has rarely commented on China-related issues and lacks the experience in dealings with China compared to current Treasury Secretary Yellen. Some experts question whether he will continue the Biden administration's engagement policy with China.

Overall, Bessent's nomination is seen as a significant strategic move by the Trump administration in economic policy, with the market reacting positively and his policy implementation being closely watched in the future.

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.