Trump nominates Scott Bessent as U.S. Treasury Secretary after selection process

President-elect Donald Trump has nominated Scott Bessent as the new U.S. Treasury Secretary, concluding a week of speculation over the position. Bessent, a seasoned investor, is expected to advocate for tax reform and deregulation. Bessent's appointment follows a competitive selection process that included other notable candidates. His experience in finance and understanding of markets may influence Trump's economic policies, particularly regarding tariffs and tax cuts. As Treasury Secretary, Bessent will manage the U.S. economy's financial operations and face challenges related to federal deficits and international economic support, particularly for Ukraine. His approach may differ from that of outgoing Secretary Janet Yellen, especially on climate policy.