On October 14, Cailianshe News (edited by Zhou Ziyi) reported that a senior economic advisor to Republican candidate Trump recently refuted concerns about the candidate's intention to 'weaken the dollar and raise tariffs', insisting that Trump hopes the US dollar will maintain its status as the world's reserve currency, and sees tariffs as a negotiation strategy.

Hedge fund manager Scott Bessent has become one of Trump's senior advisors on economics and finance in recent years. Although Bessent did not serve in the Trump administration from 2017 to 2021, he donated over $2 million to Trump's 2024 campaign and co-hosted fundraising events in the US and London, United Kingdom.

If Trump wins the election and returns to the White House, Bessent is often seen as a potential candidate for Secretary of the Treasury.

Will not weaken the US dollar.

For a long time, Trump has been a supporter of a 'weaker US dollar'. Trump and his campaign partner JD Vance have called for a weaker US dollar to promote US exports, but this would also be disadvantageous to US consumers buying imported goods.

Furthermore, even in his first term, he repeatedly accused other countries of keeping their currencies too low against the US dollar, damaging America's export capability.

However, Trump's senior economic advisor Bessent stated in a recent interview that he expects Trump, if elected, to support the US dollar in line with US policy over the past decades and not intentionally try to devalue the US dollar.

Bezent also said, "Trump will support the US dollar as a reserve currency," and added, "Reserve currency can fluctuate up and down according to market conditions. I believe, if you have good economic policies, the US dollar will naturally strengthen."

He also defended Trump's commitment to imposing tariffs on imported goods across the board, including a maximum 20% tariff on all commodities. He stated that these are "extreme" positions that may be softened in negotiations with trading partners.

"My overall view is that ultimately, Trump is a free trader. This will be a bargaining process," Bezent pointed out.

Before Bezent spoke, JPMorgan economists pointed out last week that it would be very difficult for Trump to weaken the US dollar.

JPMorgan's Chief US Economist Michael Feroli pointed out that Trump's desire for dollar depreciation conflicts with his trade policy preferences. Because he has proposed policies to increase tariffs, however, in theory, after increasing import tariffs, the currency of the country imposing tariffs should appreciate.

In addition, Bezent also made a defense regarding concerns that Trump may politicize the Fed, stating that Trump will appoint a new Fed chair but will not interfere with the Fed's independence. Current Chair Jay Powell's term will end in 2026.

Bezent pointed out, "I think the difference with Trump is that he is a businessman, and he understands the economy."