U.S. Treasury Secretary Bessent Says Strong Dollar Reflects Confidence in U.S. System

U.S. Treasury Secretary Scott Bessent said on Tuesday that the dollar remains strong as a reserve currency, citing growth in global trading volume as evidence of confidence in the U.S. system and the administration's actions. According to Odaily, Bessent told a congressional hearing that a strong dollar is not just a price on a screen, but the result of a series of actions, adding that the administration is building regulatory, tax, trade, and energy certainty that is bringing trillions of dollars into the United States. He also said some countries, including Russia, have reduced their foreign exchange reserves, while others continue to add to them.