— If any authoritative in the Russian Federation is watching this hearing, he should know that If I am approved and president Trump asks for this, as part of his strategy to end the war in Ukraine, I will be 100% in favour of sanctions, especially with Russian oil giants, to levels that would force the Russian Federation to come to the negotiating table, declared the financier.
Trump's advisor assesses the sanctions to date
Bessent estimated that the sanctions to date were not severe enough, but admitted that he was amazed that The outgoing administration decided to introduce restrictions on the Russian oil sector only before the end of the word of office, leaving the problem higher by 9% of oil prices to the successors.
At his nearly four-hour meeting, Bessent besides addressed a number of another issues, full advocating maintaining the taxation cuts introduced in 2017 and defending the the duties proposed by Trump. Bessent disagreed with the predictions that the duties would yet be paid by US consumers, pointing to the possible strengthening of the currency and providing that Chinese exporters would lower their prices in order to keep their marketplace position.
He besides assessed that China is facing serious economical problems. “China is the most unsustainable economy in planet history. They're in severe recession, depression, they could have minus 4% disinflation, and they're trying to get out of this export, alternatively of doing the much needed interior sustainability.. So I agree with the request to open markets, but we cannot let our markets to flood or flood the planet by specified a player," he said.
Businessman full supported preserving the independency of the national Reserve in determining monetary policy and noted that this view was shared by Trump, who in the past tried to influence Fed decisions publicly. “President Trump will communicate his views as the senators did,” said Bessent, but he added a minute later that “in monetary policy decisions, FOMC should be independent.”
