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

Russia could run out of liquid reserves as soon as this fall, one European economist has said. The nation's liquid reserves have dwindled to $31 billion, down from $117 billion in 2021. Limited ...

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.

Stocks and bonds slid in Asia following Friday’s stronger-than-expected US jobs data, while oil climbed to a four-month high amid sanctions on Russia.

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

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.

The super-rich have long played a role in U.S. politics but have an unusually prominent spot in incoming President Donald Trump's new administration.