“Hedge fund manager Scott Bessent’s long career of navigating the twists and turns of markets, has boosted confidence about incoming pro-business policies and lifted hopes that any tariffs would be highly targeted and potentially less inflationary in nature,” she added. A ‘layered’ approach to tariffs Trump’s historic election victory earlier this month ratcheted up concerns about the prospect for higher prices, prompting strategists to rethink the outlook for global bond yields and currencies. It is widely thought that Trump’s pledge to introduce tax cuts and steep tariffs could boost U.S. economic growth — but widen the fiscal deficit and refuel inflation.