Trump Treasury Nominee Scott Bessent to Advocate for US ‘Economic Golden Age’

Scott Bessent, former Trump economic adviser, will testify before the Senate Finance Committee for his Treasury Secretary confirmation. His policies could impact metal markets.

Bessent’s Economic Vision and Metal Prices

Bessent supports securing supply chains, which affects critical minerals like copper, aluminum, and rare earths. His stance influences metal availability and pricing. He focuses on economic growth and inflation control. Extending tax cuts may boost infrastructure spending, increasing steel and aluminum demand. However, spending cuts could reduce federal infrastructure funding, lowering raw material demand and impacting metal prices.

Trade, Tariffs, and Metal Industry Impacts

Trump’s administration used steel and aluminum tariffs to protect domestic production. Bessent may continue similar policies, affecting global metal supply. Tariffs benefit domestic producers by reducing foreign competition. However, industries relying on imported metals may face rising costs and market volatility. Bessent will likely address China’s trade role, especially rare earth elements. Restrictions or sanctions could limit supply, increasing prices for lithium, nickel, and cobalt.

Regulatory Challenges and Market Reactions

As Treasury Secretary, Bessent would oversee financial agencies regulating metal market transactions. His views on financial stability could impact commodity trading. If he enforces stricter regulations, metal market speculation could decrease. Lower speculation may stabilize prices but reduce liquidity, increasing volatility. Investors will closely watch Bessent’s policies. His approach to economic growth and fiscal responsibility will shape U.S. metal markets and global trade.