Scott Bessent is expected to introduce an aggressive customs regime designed to slow global trade while keeping financial markets calm amid the crisis.
US President-elect Donald Trump plans to nominate Key Square Group hedge fund manager Scott Bessent as Treasury Secretary in his new administration. The Hill reported this on Friday, November 22.
It was noted that Bessent’s candidacy must be confirmed by the Senate, which is controlled by the Republican Party. If this happens, he will be the country’s first openly gay finance minister.
According to the publication, 62-year-old Bessent was an economic adviser to the Trump election campaign and often appeared on financial talk shows, where he debated the economic policies of the newly elected president.
Writing in The Wall Street Journal after Trump’s victory, he talked about the markets’ reaction to the Republican candidate’s victory, arguing that it showed that they “uniformly embrace Trump’s economic vision 2.0.”
“Markets are signaling expectations for higher growth, lower volatility and inflation, and a stronger economy for all Americans,” Bessent wrote.
After billionaire investor John Paulson bowed out and Cantor Fitzgerald CEO Howard Lutnick was chosen to be Commerce Secretary, Bessent emerged as the leading contender for Treasury Secretary.
Bessent will lead the president-elect’s economic team, which will craft an aggressive customs regime designed to slow global trade while keeping financial markets calm amid the crisis.
He criticized President Joe Biden’s administration for its handling of federal debt financing and discussed expanding “friendshoring” policies to create a tiered system among trading partners.
As you know, the US Treasury Department has a department that monitors the Russian Federation’s attempts to evade economic sanctions and imposes secondary sanctions against institutions in third countries that help it.
It was previously reported that Trump will appoint former US National Intelligence chief John Ratcliffe to the position of Director of the Central Intelligence Agency.
Trump is also considering the candidacy of Republican Senator from Florida Marco Rubio for the position of head of the US foreign policy department.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.