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Donald Trump’s Treasury Secretary pick Scott Bessent called China the “most unbalanced economy” in the world and also vowed to impose sanctions on Iran in the incoming administration.
Donald Trump’s Treasury Secretary pick Scott Bessent (AP Image)
US Treasury Secretary-designate Scott Bessent on Thursday described China as an “unbalanced economy” and said that the country was in a “severe recession”.
He stressed on the need to balance free trade with fair trade and said that the current global trade dynamics have heavily impacted the American workers.
“Free trade must be also balanced against fair trade, and clearly what has happened is the trade has not been fair. That has fallen on the American workers. China is the most unbalanced economy in the world. They are in a severe recession and depression and they are attempting to export their way out of that,” Bessent said during the Senate confirmation hearings.
He listed his approach to strengthen the US economy by raising domestic production and imposing sanctions to target “bad actors” such as Iran.
“I would view that as we raise US production, we can squeeze down bad actors, especially Iran. I believe Iran was down to 100,000 barrels of oil exports when President Trump left office — they’re now exporting approximately 1.7 million. So, through sanction policy, I believe we can make the Iranian regime broke again — and at the same time, increase our domestic production with the highest energy standards in the world,” Bessent said.
Donald Trump nominated Scott Bessent to lead the US Department of Treasury soon after his victory in November last year.
In a statement, Trump had said, “I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States. Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists. Scott’s story is that of the American Dream.”
(With ANI inputs)
- Location :
Washington D.C., United States of America (USA)
