Nov 23, (V7N) - President-elect Donald Trump on Friday announced the appointment of billionaire hedge fund manager Scott Bessent as his Treasury Secretary. Bessent, CEO of Key Square Group, has been a close advisor to Trump and is known for his strategic thinking on both international investment and economic policy. Trump described Bessent as one of the world’s foremost international investors, stating that his expertise would be key in guiding the U.S. into a "new Golden Age," reinvigorating the private sector, and addressing the country's mounting federal debt.

Bessent, a strong proponent of tax cuts, deregulation, and the assertion of American energy dominance, is expected to play a pivotal role in executing Trump's economic agenda, including pushing tax reforms and navigating relations with global powers such as China. His tenure will be especially scrutinized given Trump's promise of sweeping tariffs on both allies and adversaries, a strategy that could escalate global trade tensions. Bessent has previously defended Trump's stance on trade, calling tariffs a "negotiating tool" to secure fairer deals for the U.S.

A former chief investment officer of Soros Fund Management, Bessent raised capital, including $2 billion from George Soros, to start his hedge fund. He is known for his direct support of Trump, declaring himself "all-in" for the president-elect from the outset of his campaign, despite limited support from Wall Street.

In addition to Bessent’s nomination, Trump made several other key appointments, including Russell Vought to lead the Office of Management and Budget, and Oregon Rep. Lori Chavez-DeRemer as Secretary of Labor. These nominations are subject to Senate confirmation.

Bessent's nomination places him at the forefront of Trump’s economic reforms, and his leadership at the Treasury will have significant implications for both domestic fiscal policy and international financial relations.

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