According to online reports, U.S. Treasury Secretary Basent refuted the idea that the recent depreciation of the dollar would affect its status as the world's major currency. "Dollar prices have nothing to do with a strong dollar policy," Bessent said. The key to a strong dollar policy is whether we take measures over the long term to ensure that the dollar remains the global reserve currency." He believes that the Trump administration is indeed taking such measures. The U.S. dollar index fell nearly 11% in the first half of the year, setting its worst first-half performance since 1973. The devaluation comes amid concerns about the Trump administration's policies, particularly the potential impact of tariff increases on economic growth and a tough diplomatic stance towards long-standing allies who have in the past injected money into the United States. Besent said the Republican tax bill "creates the conditions for economic growth."