Who is Scott Bessent, Trump’s Pick For Treasury Secretary? | Global News Avenue

Donald Trump’s pick for Treasury Secretary Scott Bessent is a veteran Wall Street executive who advised Trump during the presidential campaign and pushed for his tariffs, lower taxes and reduced federal regulations economic agenda.

Trump announced the choice of the billionaire on his social media platform Truth Social on Friday more than several competitors Candidates whose names have appeared in news reports. finance minister The top financial position in the White House, responsible for overseeing the Internal Revenue Service, bank regulation and managing the nation’s $36 trillion national debt.

“He will help me usher in a new golden age for America, solidifying our position as the world’s leading economy, a center of innovation and entrepreneurship, and a destination for capital, while unquestionably maintaining the dollar’s status as the world’s leading economy and the world’s reserve currency. , (sic),” Trump posted.

Bessant could play a key role in the government’s economic management with several key deadlines looming. Lawmakers must decide what to do with the debt ceiling, which will be Re-implemented in January Ahead of Trump’s inauguration on January 2, and the 2017 Trump tax cuts, many of which Expires in 2025.

Bessent’s policy views

Bessant’s selection may provide some relief investor concerns Trump will impose sweeping tariffs proposed during the presidential campaign, including a 60% tariff on goods from China and a 20% tariff on all imports. Economists generally agree that tariffs will increase inflation and harm the economy as businesses pass on higher costs to consumers.

In an editorial on Fox News this month and in a speech this summer at the Manhattan Institute think tank, Bessant stressed that tariffs can be used as a negotiating tool to get better trade from other countries without actually enforcing them. protocol.

“I think given Donald Trump’s credibility and what he’s done in the past on tariffs, we probably won’t have to impose tariffs, but the threat of tariffs will change the quality and fairness of a lot of historically underperforming trade deals,” ” Bessant said at a Manhattan Institute event.

At least one economist said Bessant’s influence in the administration would make it less likely that Trump would impose broad, economically damaging tariffs.

“Bessent is likely to push for a cautious approach to tariffs,” Bernard Yaros, chief U.S. economist at Oxford Economics, wrote in comments before his election as Treasury secretary.

Bessant advocates tax cuts, reduced government spending and regulation, standard conservative positions that Trump has said he will pursue. He also praised Trump’s plans to restrict immigration and increase energy production.

besant background

According to media reports about Bessant’s career, Bessant has a long history on Wall Street and has not held any government positions. The billionaire runs Key Square Capital Management, a hedge fund he founded in 2015. Before that, he was George SorosA liberal billionaire donor to the Democratic Party who is often criticized by right-wing media.

It’s not just Soros, Bessant has previously worked with a number of high-profile investors such as former Soros partner Jim Rogers, short-seller James Chanos and Stanley Druckenmillerbefore starting his own hedge fund.

Like Trump himself, Bessant’s political allegiances have shifted over time. In addition to his long-standing partnership with Soros, he raised money for Democratic presidential candidate Al Gore in 2000.