Scott Bessent, tapped by Donald Trump to be treasury secretary, faced sharp questions from Democrats and Republicans on tax policy, tariffs, China, Russia sanctions and the IRS.

WASHINGTON (Reuters) -President-elect Donald Trump's pick for Treasury secretary, Scott Bessent, said on Thursday that the dollar should remain the world's reserve currency, the Federal Reserve should stay independent and that he is ready to impose tougher sanctions on Russia's oil sector.

U.S. President-elect Donald Trump's nominee for Treasury secretary said on Thursday that the dollar should continue to be the world's

US President-elect Donald Trump's pick for treasury secretary, Scott Bessent, took part in a confirmation hearing with lawmakers on Thursday. He said additional sanctions on Russia could be imposed to help end the war in Ukraine.

High-ranking sources told independent Russian outlet Meduza that Russia's elites are disappointed the Ukraine war didn't end in 2024 and feel fatigue.

The West has frozen $300 billion of Moscow’s assets, but Europe has stood in the way of using them.

Mr Scott Bessent is a hedge fund manager and founder of Key Square Capital Management. Read more at straitstimes.com.

Asked whether Congress should abandon the federal debt ceiling, Bessent said that if Trump requested that, he would work with Congress to make it happen

Global markets slid Monday after traders trimmed bets on US Federal Reserve rate cuts and oil extended a rally sparked by new sanctions on Russia's energy sector.

Reliance on Russia’s military offerings has become increasingly prevalent in parts of Africa, amid an aggressive push by Moscow to lessen Western influence on the continent.

Bessent said he believed Trump's presidency would help "unleash a new economic golden age," which could include more jobs and wealth for Americans.

The International Monetary Fund expects the world economy to grow a little faster and inflation to keep falling this year.