A hedge fund manager is set to become the next U.S. Treasury secretary, holding a key role in Donald Trump's second administration. Beyond that, Scott Bessent must find a way to implement the US president-elect's campaign promises, such as tax cuts and new import tariffs. At the same time, his policies will also have an impact on the global economy.
Scott Bessant supports Donald Trump in the campaign.Image: trapezoid
Bessant backs Trump's economic plan
Some economists have criticized that the tariff plan will lead to higher prices for American consumers, while tax cuts will put pressure on the U.S. government budget. However, Bessant has defended the proposals in recent months. Trump said he should also curb the growth of the U.S. national debt. Trump announced that Bessant would eliminate foreign trade imbalances and focus on economic growth.
Bessant's ideas include increasing U.S. oil production, reducing the budget deficit and reducing regulatory hurdles. The job also requires responsibility for global financial markets, as the United States is the largest government bond market.
Some in Trump’s circle don’t like careers
Bessant, 62, is the founder of hedge fund Key Square Group. He served as chief investment officer of George Soros' Soros Fund Management and is considered a global macro investment expert. That's a disadvantage in the eyes of some Republican hardliners, as well as tech billionaire Elon Musk, who is now close to Trump. Liberal Soros is demonized by parts of the American right as a donor to the Democratic Party.
Trump's close friend Howard Lutnick also interviewed for the Treasury Secretary position and received support from Musk and others. However, Trump ultimately nominated Lutnick to serve as Commerce Secretary.
Architects of Government Reform in the Context
Trump is looking to fill a key background position in the White House with an author who has proposed controversial plans to restructure the U.S. government. Russell Vought will lead the Office of Management and Budget, just as he did during Trump's first term. In recent years, he has played a leading role in the so-called Plan 2025, a radical conservative plan to transform America. In the paper, Vought focuses on the idea of presidential decrees that, among other things, could limit the independence of certain authorities.
Candidates for positions in the Department of Labor and Health
Trump also announced a slew of additional nominations Friday night. Current Congresswoman Lori Chavez-Dremer will serve as Secretary of Labor. With his temperament as a moderate Republican, Trump is trying to build bridges to unions. The large Teamsters union is said to have campaigned for Chavez-Dremo, Politico reported.
Scott Turner, a former professional football player who served in the White House during Trump's first administration, is expected to be in charge of construction and urban development in the new cabinet. Trump nominated physician and former congressman Dave Weldon to serve as director of the Centers for Disease Control and Prevention. The FDA drug regulator will be led by Martin Makary, a Johns Hopkins University surgeon general who has emerged as a critic of health authorities during the pandemic. Several new candidates have been regular guests on Fox News in recent years.
There is new excitement surrounding Tulsi Gabbard, who Trump hopes to appoint as intelligence coordinator. CNN News reported that she was briefly placed on a U.S. aviation safety watch list. Gabbard has been criticized for spreading Russian propaganda and for meeting with ruler Bashar al-Assad in Syria in 2017. For example, experts say people whose air travel raises concerns are put on watch lists. Exactly why Gabbard is on the list remains unclear. (HKL/SDA/DPA)
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