Trump nominates Scott Bessent for treasury secretary, emphasizing deficit reduction and tax cuts

President-elect Donald Trump has selected Scott Bessent as his nominee for treasury secretary. Bessent, a money manager and former supporter of Democrats, advocates for deficit reduction and extending tax cuts from Trump's first term. Bessent previously worked for George Soros and has emphasized the need for spending cuts to offset the costs of tax extensions. He views tariffs as a tool for economic sanctions, particularly against China, and believes they can support U.S. foreign policy goals. If confirmed, Bessent would be the first openly gay treasury secretary and the first openly LGBTQ cabinet member confirmed by a Republican administration.