United States Treasury Secretary Scott Bessent said on Wednesday that the European Union should congratulate President Donald Trump for managing, through his tariff policy, to do what "a succession" of politicians on the Old Continent tried to, which is to force Germany to increase its fiscal spending.
Speaking at the Institute of International Finance's (IIF) Global Outlook Forum, Bessent described the fiscal package Berlin adopted recently as a "combination" of economic stimulus and "burden sharing on the European continent for defense." "Economic security is national security, national security is economic security," he stressed.
Commenting on European Central Bank (ECB) Vice-President Luis de Guindos's suggestion that the euro could become the second global reserve currency, Bessent noted at a recent "substantial appreciation of the euro." "For export economies, it's a lot of pressure," he warned. He went on to express his belief that the dollar would remain the world's reserve currency for now.