Trump chooses investor Scott Bessent to head US Treasury

United States President-elect Donald Trump chose investment fund manager Scott Bessent as Treasury Secretary, a key position for implementing his fiscal policy.

What happened

Bessent, CEO of Key Square Group, advocates an extension of the first Trump administration’s tax cuts, the reassertion of American energy dominance and tackling the budget deficitaccording to the North American newspaper New York Times. The investor became Trump’s economic advisor last year.

He also defends the deregulation of the economy and the increase in tariffs on imports. These actions are in line with the president-elect’s economic plan, which combines tax cuts and incentives for domestic production.