Trump selects Scott Bessent as treasury secretary focusing on deficit reduction and tax cuts

President-elect Donald Trump has selected Scott Bessent as his treasury secretary. Bessent, a money manager and former Democratic donor, supports deficit reduction and extending tax cuts from Trump's first term. He aims to negotiate spending cuts to offset tax extension costs. Bessent previously worked for George Soros and played a key role in his investment strategies. He has expressed concerns about national debt and believes tariffs can serve as economic tools, particularly against China. He suggests a gradual implementation of tariffs if confirmed. If confirmed, Bessent would be the first openly LGBTQ cabinet member in a Republican administration. He has shared his personal journey regarding LGBTQ rights and family life, highlighting significant changes since the 1980s.