President-elect Donald Trump announced overnight from Friday to Saturday the nomination of Scott Bessent, billionaire and hedge fund manager, as Secretary of the Treasury. This nomination must be confirmed by the US Senate.
“Scott is highly respected as one of the world's most prominent international investors and geopolitical and economic strategists. His story is one of the American dream,” Trump said. “Scott will support my policies to boost American competitiveness, end trade imbalances and unfair practices, and create a growth-oriented economy, including through our future global energy dominance,” he added.
Bessent, 62, who advised Trump on economic policy during his campaign, is the founder of hedge fund Key Square Capital Management. Previously, he served as chief investment officer at Soros Fund Management, a fund created by Democratic donor George Soros. In his new role, he will oversee a broad portfolio including international trade, taxation, financial regulation and US sanctions.
Particularly active during the Trump campaign, Bessent organized a fundraiser in South Carolina during the primaries, while Trump was still competing with Nikki Haley. His economic vision attempts to reconcile traditional free-market conservatism with Trump's populism. He notably defended the use of tariffs, Trump's favored economic tool, considering them as a trade negotiation lever and a source of revenue for the government.
Regarding international policy, Bessent will be responsible for managing sanctions, particularly those targeting Russia for its invasion of Ukraine. In an interview with the Financial Times in October, he called tariffs a “maximalist” threat that could be reduced in negotiations with trading partners. He also denied any intention to devalue the US dollar under the Trump administration.
