President-elect Trump on Friday named billionaire investor Scott Bessent to be his Treasury secretary.
Bessent would be the key leader of the president-elect’s economic team, which will be tasked with imposing an aggressive tariff regime meant to shake up global trade while keeping financial markets calm amid the disruption.
Notably, Trump’s official announcement of Bessent as his pick did not include any mention of tariffs — a major campaign promise Trump hammered during his campaign, though “unfair Trade imbalances” was mentioned.
“My Administration will restore Freedom, Strength, Resilience, and Efficiency to our Capital Markets. We will reinvigorate the Private Sector, and help curb the unsustainable path of Federal Debt,” Trump said in the statement announcing the pick.
“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 continued.
Bessent, founder and CEO of hedge fund Key Square Group, served as an economic adviser to the Trump campaign, often appearing on financial talk shows to argue in favor of the president-elect’s economic policies.
He would be subject to confirmation in the GOP-controlled Senate, where he would need 51 votes to clear the upper chamber.
In an op-ed in The Wall Street Journal after Trump’s victory, he touted the markets’ response to Trump’s win, arguing it shows their “unambiguous embrace of the Trump 2.0 economic vision.”
“Markets are signaling expectations of higher growth, lower volatility and inflation, and a revitalized economy for all Americans,” Bessent wrote.
He emerged as a front-runner for Treasury secretary after billionaire investor John Paulson bowed out of contention and after Cantor Fitzgerald CEO Howard Lutnick, who was also angling for the job, was picked to be Commerce secretary.
The president-elect ran on the notion of turning the economy around, a campaign promise that resonated with voters tired of inflation, and has proposed a general tariff of 10 percent to 20 percent on all imported goods in order to pull investment into the U.S. and bolster domestic industry.
Updated 7:06 p.m.
