Trump Names Scott Bessent as Treasury Secretary
Last week, President-elect Donald Trump named billionaire investor Scott Bessent as Treasury Secretary, likely positioning Bessent to be the key leader of Trump’s economic team. As in his previous administration, Trump continues to call for tariff increases and significant changes in the nation’s global trade operations.
“As a lifelong Champion of Main Street America and American Industry, Scott will support my Policies that will drive U.S. Competitiveness, and stop unfair Trade imbalances, work to create an Economy that places Growth at the forefront, especially through our coming World Energy Dominance,” Trump wrote in his announcement, according to The Hill.
Bessent is the CEO and founder of hedge fund Key Square Group, and he served as an economic advisor during Trump’s campaign. He became a front runner for Treasury Secretary when billionaire investor John Paulson bowed out, and Cantor Fitzgerald Howard Lutnick was chosen for Commerce Secretary.
Bessent has been in the background of Trump’s circle for years, having close relationships with Vice President-elect JD Vance and with Trump’s brother Robert Trump. His hedge fund Key Square Group focuses on global macroeconomics, and a source told The Hill that his background in bond and currency markets would be beneficial in the upcoming administration.
If confirmed by the Senate, Bessent will likely prioritize tax cuts similar to those implemented during Trump’s first administration, as well as deregulation of U.S. markets. He proposed to spark 3 percent growth through a reduced budget deficit equal to 3 million extra barrels of oil a day and 3 percent of gross domestic product.
Some Trump supporters fear that Bessent would be too mild on tariffs. Trump proposed a general tariff of 10 to 20 percent on imported goods, and a 60 percent tariff on China. “I think that tariffs in a way can be regarded as an economic sanction without a sanction,” Bessent said.
If confirmed, Bessent would become the first Senate-confirmed openly gay cabinet member in a Republican administration.
