Scott Bessent, who is Donald Trump’s pick for Treasury secretary, told the Wall Street Journal that he’ll focus on following through on the president-elect’s tax cut and tariff pledges once he takes office.
Putting tariffs in place and reducing spending will also be a focus, Bessent said, though he didn’t go into detail, according to the newspaper’s report. Trump has threatened to hit Chinese shipments with tariffs of 60%.
The veteran hedge fund manager added that he’ll work at “maintaining the status of the dollar as the world’s reserve currency,” according to the report.
Bessent, who runs macro hedge fund Key Square Group LP, will be crucial to implementing the president-elect’s agenda, which includes renewing some of Trump’s 2017 tax cuts that expire next year and loosening financial regulations.
The choice of Bessent has fueled a rally in currencies around the world against the dollar, as traders trim bets that the return of Trump will send tremors throughout global markets.
Copyright Bloomberg News
The financial industry veteran will be taking over a broad mandate, including developing investment strategies and overseeing multiple groups across Citi's wealth business.
The 25-year industry veteran previously in charge of the Wall Street bank's advisor recruitment efforts is now fulfilling a similar role at a rival firm.
Former Northwestern Mutual advisors join firm for independence.
Executives from LPL Financial, Cresset Partners hired for key roles.
Geopolitical tension has been managed well by the markets.
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