Personnel information for the position of US Treasury Secretary in Donald Trump's second term was revealed to CNN by two sources.
Billionaire Bessent, 62, advised Mr Trump on economic policy during the 2024 US presidential campaign and is the founder of hedge fund Key Square Capital Management.
Before that, he was the chief investment officer of Soros Fund Management, a hedge fund founded by Democratic Party major donor George Soros. Billionaire Scott Bessent was famous during his time there for bringing the fund billions of dollars in profits thanks to important decisions related to the British pound and the Japanese yen.
Allies say Mr Trump liked Mr Bessent's sincerity and his conversion to the MAGA movement after working for Mr Soros.
The Treasury secretary is the top financial position in any administration. If confirmed by the Senate, Mr. Bessent’s first days on the job could be even more difficult than usual, as he faces pressure to address the federal debt ceiling and deliver on Mr. Trump’s campaign promises.
The dollar has surged since Trump’s election, hitting a yearly high. Billionaire Bessent wrote in a Wall Street Journal op-ed that similar rallies in financial markets are a sign that investors “expect Trump’s agenda to promote non-inflationary growth and boost private investment.”
He supports Mr. Trump's pursuit of policies related to deregulation, tax cuts, and "solving the debt burden."
However, Mr. Bessent did not mention taxes in the article. During his campaign, Mr. Trump pledged to impose a 60% tax on goods from China and a 10% tax on goods from other countries.
In recent interviews with the Financial Times and CNBC, Mr. Bessent signaled support for a gradual approach to tariffs to prevent potential backlash from such levies.
In addition to Mr. Bessent, the other leading candidate for the position of US Treasury Secretary is Cantor Fitzgerald CEO Mr. Howard Lutnick. However, earlier this week, the president-elect nominated Mr. Lutnick to lead the Commerce Department.
