Trump picks billionaire investor Scott Bessent as Treasury secretary

The hedge money head will beryllium responsible for implementing president-elect’s pledges to trim taxes and raise tariffs.

US President-elect Donald Trump has picked hedge money head Scott Bessent to service arsenic Treasury caput successful a blitz of announcements aft his prime for lawyer wide said he was withdrawing.

The 62-year-old Bessent, laminitis of nan finance patient Key Square Capital Management, was tapped to execute an economical schedule expected to beryllium built astir cutting taxes and imposing tariffs.

“Scott is wide respected arsenic 1 of nan world’s foremost world investors and geopolitical and economical strategists,” Trump said successful a connection precocious connected Friday.

“He will thief maine usher successful a caller Golden Age for nan United States, arsenic we fortify our position arsenic nan world’s starring economy,” he said, adding that Bessent would besides thief “reinvigorate nan backstage sector, and thief curb nan unsustainable way of national debt”.

The prime for Treasury secretary, a prolonged process, was nan astir anticipated by nan US business and finance community, fixed Trump’s plans to remake world waste and acquisition done tariffs and widen and perchance grow nan raft of taxation cuts enacted during his first term.

The caput of nan Treasury Department will person wide oversight of taxation policy, nationalist debt, world finance and sanctions.

Bessent, a Wall Street financier who erstwhile worked for George Soros, was an early backer of Trump’s 2024 bid, donating astatine slightest $3m to nan campaign, according to records from nan predetermination commission.

He has called for rolling backmost authorities subsidies, deregulating nan economy, raising home power production, and has besides defended nan usage of tariffs.

The market’s surge aft Trump’s predetermination triumph signalled investor expectations of “higher growth, little volatility and inflation, and a revitalized system for each Americans”, he wrote successful an sentiment portion published successful The Wall Street Journal.

Trump’s announcement capped a flurry of appointments to capable his furniture aft Matt Gaetz announced that he was withdrawing from consideration for lawyer wide pursuing renewed attraction connected intersexual misconduct allegations against him.

Russell Vought was chosen to lead nan Office of Management and Budget, nan aforesaid position he held during Trump’s first presidency.

Trump besides picked Representative Lori Chavez-DeRemer for labour caput and said he would nominate Scott Turner, a erstwhile shot subordinate who worked successful his first administration, to service arsenic lodging secretary.

Wall Street seasoned Howard Lutnick was named commerce secretary.

Trump additionally nominated Dr Marty Makary to lead nan Food and Drug Administration. The surgeon and professor astatine Johns Hopkins University gained nationalist attraction for opposing vaccine mandates and different nationalist wellness measures during nan COVID-19 pandemic.

Fox News contributor Janette Nesheiwat is group to beryllium nan adjacent surgeon general, while expert and erstwhile Republican Representative Dave Weldon of Florida was chosen to lead nan Centers for Disease Control and Prevention.

Source

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Al Jazeera and news agencies