U.S. Treasury Secretary Bessent told a congressional hearing Tuesday that the
dollar’s reserve-currency strength and rising global trading volumes reflect
confidence in U.S. institutions and the administration’s policy certainty. He
said a strong dollar is not merely a price but the product of actions, citing
regulatory, tax, trade and energy certainty that he said is drawing tens of
trillions of dollars to the U.S. Bessent added that while countries such as
Russia has pared foreign-exchange reserves, other nations continue to increase
holdings.
