A top economic adviser to Donald Trump dismissed concerns that the former president would weaken the dollar or cut trade if re-elected, insisting he wants the US to remain the world’s reserve currency and uses tariffs as a negotiating tactic.

The comments from Scott Bessent, a 62-year-old hedge fund manager who made a windfall betting on the Japanese yen and British pound for liberal philanthropist George Soros, are relevant because he has emerged as a top Trump adviser on the economy and finance in recent years.

Although Bessent did not serve in the Trump administration between 2017 and 2021, he has given more than $2mn to his campaign in 2024, co-hosting fundraisers across America and in London. He is frequently spoken of as a possible Treasury secretary if Trump wins back the White House.