Scott Bessent nominated as Treasury Secretary /REUTERS=Yonhap News
U.S. President-elect Donald Trump nominated Scott Bessent (62), founder of the hedge fund Key Square Group, as a candidate for Secretary of the Treasury, who will oversee economic policy in his second administration.
President-elect Trump announced his selection as Treasury Secretary in a statement on the 22nd (local time), saying, “Besent has long been a strong supporter of the ‘America First agenda.'”
Trump said of Bessent, “As we approach the 250th anniversary of the founding of the great United States, he will help me strengthen America’s position as the world’s leading economy, a center for innovation and entrepreneurship, and a destination for capital, while ensuring that the U.S. dollar remains the world’s reserve currency.” “We will help usher in a new golden age by maintaining this status quo.”
“Besent will support my policies that work to increase America’s competitiveness, prevent unfair trade imbalances, and create an economy that prioritizes growth, especially through our upcoming dominance of global energy markets,” he said.
Bessent served as a key economic advisor to President-elect Trump and also played a leading role in raising a large amount of campaign funds.
The U.S. Treasury is the highest economic policy department within the U.S. administration.
Bessent is expected to focus particularly on implementing Trump’s universal tariff pledge.
The U.S. business community, including Wall Street, is concerned that universal tariffs will trigger a trade war and lead to a rise in consumer prices, but Bessent said Trump’sIt has been a firm supporter of ‘unbiased tariff protection’.
Meanwhile, Howard Rutnick, CEO of investment bank Cantor Fitzgerald, who was previously nominated as a candidate for Secretary of Commerce, has also been mentioned as a candidate for Secretary of the Treasury.
In this regard, Tesla CEO Musk, who has emerged as Trump’s closest confidant, praised Rutnick as “a person who can actually achieve change,” while disparaging Bessent as “a choice that has always been made.”
