Scott Bessent faces key challenges as Trump's Treasury Secretary nominee

President-elect Donald Trump has selected Scott Bessent, a hedge fund billionaire, as his nominee for Treasury Secretary. If confirmed, Bessent will be the first openly gay Treasury Secretary in a Republican administration and will play a key role in implementing Trump's economic policies. Bessent faces several challenges, including managing proposed tariffs while avoiding a global trade war. He must also navigate the contentious debt ceiling issue, which is set to expire in January, and ensure the U.S. continues to meet its financial obligations. Additionally, Bessent will need to balance tax cuts and spending cuts while maintaining a sustainable debt trajectory. Trump's agenda could significantly increase the national debt, which currently stands at nearly 100% of GDP.