Trump announces Scott Bessent as US Treasury Secretary

President-elect Donald Trump confirmed this Friday (22) the appointment of Scott Bessent as the new United States Treasury Secretary.

Bessent, founder and CEO of Key Square Group, an influential global investment firm, is widely recognized for his expertise in geopolitical and macroeconomic strategies, said the Republican president, who will take office on January 20. With Bessent’s nomination, Trump said he wants to strengthen the country’s economy and promote his “America First” campaign agenda.

“Scott has long been a strong supporter of the America First Agenda,” Trump said. “My government will restore the freedom, strength, resilience and efficiency of our capital markets. We will reenergize the private sector and help stem the unsustainable path of federal debt. As a lifelong supporter of real America and American industry, Scott will support my policies that will boost U.S. competitiveness and end unfair trade imbalances, working to create an economy that prioritizes growth, especially through our future global dominance in the energy. Together, we will make America rich again, prosperous again, affordable again, and most importantly, great again!” Trump added in an official statement.

Born in Conway, South Carolina, Bessent built a distinguished career in the financial market. He has a degree in political science from Yale University and has extensive experience in investment management, having held leadership roles at Soros Fund Management, the investment firm of progressive billionaire George Soros. In 2015, he founded Key Square Group, a company focused on global investments based on macroeconomic and geopolitical trends.

Bessent is also known for his philanthropic contributions, supporting causes such as financial literacy and mathematics education.

Under Bessent, the Treasury Department is expected to play a central role in implementing Trump’s economic policies, which include pursuing an annual growth target, controlling inflation and the budget deficit, increasing domestic energy production, cutting of taxes, and the application of tariffs to correct what Trump calls “trade imbalances”, with a focus on commercial relations with China, which should be the main target of American tariffs.

According to information from Fox NewsBessent supported Trump’s plans regarding international tariffs, although he believes that such action must occur progressively to avoid inflation, as well as in the deregulation of the American economy. Furthermore, he also supports reducing regulations on cryptocurrencies and digital assets. Bessent was Trump’s economic adviser during his presidential campaign.

Bessent’s nomination will pass through the Senate, where approval is widely expected due to the Republican majority starting next year. He is likely to be confirmed and take office shortly after Trump’s inauguration in January.