Treasury Nominee’s First Remarks: Focus on Tariffs and Cost-Cutting

Treasury nominee Bessent sent markets into a frenzy. The dollar fell, U.S. Treasuries rose, and Bitcoin slipped. Analysts suggest Bessent could usher in a "Mnuchin 2.0" era. While Mnuchin couldn’t prevent all tariff policies, he maintained stability in the U.S. bond market. Markets expect the new administration to adopt a gradual approach to fiscal policy and phase-in tariffs, avoiding the aggressive stance promised during Trump’s campaign.