Associated Press
President-elect Donald Trump launched a blitz of picks for his Cabinet, but he took his time before settling on billionaire investor Scott Bessent as his treasury secretary nominee.
The Republican not only wanted someone who jibes with him, but an official who can execute his economic vision and look straight out of central casting while doing so. With his Yale University education and pedigree trading for Soros Fund Management before establishing his own funds, Bessent will be tasked with a delicate balancing act.
Trump expects him to help reset the global trade order, enable trillions of dollars in tax cuts, ensure inflation stays in check, manage a ballooning national debt and still keep the financial markets confident.
“Scott will support my Policies that will drive U.S. Competitiveness, and stop unfair Trade imbalances, work to create an Economy that places Growth at the forefront, especially through our coming World Energy Dominance,” Trump said in a statement.
But for all the confidence, Trump was cautious in picking the 62-year-old, a sign that he understood the stakes after winning a presidential election largely shaped by inflation hitting a four-decade peak in 2022. He felt comfortable making faster decisions on Fox News host Pete Hegseth for defense secretary, Florida Sen. Marco Rubio for secretary of state and Robert F. Kennedy Jr. for health and human services secretary.
His choice of Bessent went against the opinion of billionaire Elon Musk, who is co-leading Trump’s advisory panel known as the “Department of Government Efficiency” initiative. The head of Tesla and SpaceX posted on his social media site X before Trump’s selection that Bessent would be “a business-as-usual choice.”
Bessent caught Trump’s attention during the campaign with his ideas for 3% growth, a reduced budget deficit equal to 3% of gross domestic product and 3 million additional barrels a day of oil production. Critics in Trump’s orbit said Bessent was weak on tariffs.
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Republished with permission of the Associated Press.
8 comments
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November 23, 2024 at 5:53 pm
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White Spiteful Demon
November 25, 2024 at 6:36 am
Soros loving Trump pick ,this gonna be 4 years of shit show for MAGA,if you are MAGA supporters,tell how Trump is gonna less miserable than it already,if your MAGA supporters an read this ,you will still be miserable in 2029 ,if you read this an did not respond
White Spiteful Demon
November 25, 2024 at 7:38 am
Insane in Trump membrane Google Tulsi Science Identity Foundation
Fred S
November 26, 2024 at 8:26 am
Another rather curious nomination from Trump. An Ivy League educated, Soros connected hedge fund manager is not exactly what the MAGA crowd voted for…. And that’s not all of his baggage. Does Trump actually feel the need to check the right boxes?
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