Trump names hedge fund manager Scott Bessent as Treasury chief

WASHINGTON: US President-elect Donald Trump on Friday named billionaire Scott Bessent as his Treasury secretary, choosing the hedge fund manager to help execute an agenda promising tax cuts and tariffs.

Bessent, who is chief executive officer of Key Square Group, has called for an extension of tax cuts from Trump’s first term, wants to reassert American energy dominance, and believes it is necessary to deal with the budget deficit. “Scott is widely respected as one of the world’s foremost international investors and geopolitical and economic strategists,” Trump said in a statement.”He will help me usher in a new Golden Age for the United States, as we fortify our position as the world’s leading economy,” he said, adding Bessent would also help “reinvigorate the private sector, and help curb the unsustainable path of federal debt.”

The nomination of Bessent -- who recently served as an advisor to Trump -- would put him at the forefront of rolling out the president-elect’s economic plan, from seeing tax cuts through Congress to managing ties with countries like China. The position carries influence over both domestic and international policy.

With Trump promising sweeping tariffs on allies and adversaries alike, all eyes will be on how his new Treasury chief walks the line between supporting these efforts and fanning trade tensions that might roil the global economy. The Treasury Department has oversight across a range of areas, from federal finances to bank supervision. The Treasury also oversees US sanctions. Bessent has in recent times called for tax reform and deregulation to spur growth.