Bessent says 'many' U.S. allies have asked for currency swaps amid Iran war turbulence

treasury secretary scott bessent said "many" u.s. allies in the persian gulf have requested currency swap lines for financial support amid the war with iran. his comments went further than white house statements from a day earlier, which only acknowledged discussions with the united arab emirates. a swap line would provide dollar liquidity to allies like the uae, but carries political risk as americans face higher prices for gas and food due to the war. bessent argued the lines are meant to maintain order in dollar funding markets and prevent disorderly sales of u.s. assets. president trump said he would "help them if i could," and sen. steve daines expressed support. democrats see a political opening. sen. chris van hollen noted the war costs over a billion dollars a day in taxpayer money and raises domestic prices, questioning why a wealthy nation like the uae needs a swap. he also referenced recent reports about uae investments in trump family businesses and relaxed ai chip protections.