US Treasury Sec. Bessent: Committed to policies that will lead to strong dollar

In an interview with CNBC on Friday, US Treasury Secretary Scott Bessent said that they are committed to policies that will lead to a strong US Dollar, per Reuters.

Key takeaways

"April 2 tariffs will be a choice for other countries if they want frictionless trade."

"Tariffs are a one-time price adjustment."

"There's going to be a natural adjustment as we move from public to private spending."

"There's going to be a detox period."

"Very unlikely we will get any credit by the CBO for tariffs."

"No change in strong Dollar policy."

"We are against currency manipulation."

"I think we will see a pick up in corporate activity."

"Real income gains for lower 50% of Americans could be an offset."

"Trump wants to get to fair trading with China, we're a long way off."

"China needs to rebalance."

Market reaction

The US Dollar struggles to rebound following these comments. At the time of press, the USD Index was down 0.4% on the day at 103.73.