Trump appoints Scott Bessent as Treasury Secretary to lead economic agenda

President-elect Donald Trump has nominated billionaire Scott Bessent as Treasury Secretary. Bessent, CEO of Key Square Group, aims to extend tax cuts and address the budget deficit as part of Trump's economic agenda. Bessent's role will involve managing tax reforms and international trade relations, particularly with China. He has previously supported tariffs as a negotiation tool and emphasized the need for fair trade. In addition to Bessent, Trump announced several other key cabinet nominations, including Russell Vought for the Office of Management and Budget and Lori Chavez-DeRemer as Labor Secretary. Senate confirmation is required for these positions.